The Essays of Warren Buffett: Lessons for Corporate America Test | Final Test - Hard

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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. How many shareholders did a business that wanted to be on the NYSE have to have?

2. Buffett and Munger believed that marketability and __________ were two terms that increased the likelihood of turnover.

3. Major business activities grouped together aided _____ by providing data in a more useful form.

4. Options were often ______ at exercise which made them more expensive than publicly traded options.

5. The partners were interested firms that are adapted to ______ times that could readily increase prices and scale up to a large volume with more capital.

Short Essay Questions

1. What was the difference between the purchase and the pooling transaction?

2. To what other experience did Buffett compare the process of acquiring a business?

3. What were the two super contagious diseases that could spread in the investment community?

4. What was the purpose of Buffett and Munger focusing on buying up 100% of a company and the investment must use a lot of capital?

5. Why would a company want to repurchase their own shares, according to Buffett?

6. What did Buffett want to do with the Berkshire stock on the NYSE?

7. What was the simple rule that Buffett followed when it came to exchange of stock during a merger?

8. What was the result of information that is necessary to report to an investor or shareholder?

9. What was the first step in the US Steel fictional accounting process?

10. What did Buffett admit that he used to do when seeking out new investments thirty-five years ago?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Buffett and Munger stated at several points that buying things at a fair price is a reasonable action to take.

Part 1: Do you think there is such a thing as a fair price?

Part 2: Who should be in charge of determining what a fair price might be?

Part 3: How do you determine what a fair price for an item or a service might be?

Essay Topic 2

Buffett and Munger didn't use a strategic plan of acquisition, but rather compared opportunities against passive investments.

Part 1: Why do you think Buffett and Munger didn't have a plan for acquisitions?

Part 2: Do you think it's a better idea to have a plan when dealing with more extensive acquisition deals?

Part 3: How do you think Buffett and Munger's approach benefits them?

Essay Topic 3

Fear and greed were described as being two super contagious diseases in the investment community.

Part 1: Why do you think there is a lot of fear in the investment community?

Part 2: How do you think greed and fear might impact the way a person invests?

Part 3: Do you think that you would be swayed more by fear or by greed when investing? Why?

(see the answer keys)

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