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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. What term can be used to characterize Warren at this age?
(a) self-confident.
(b) cocky.
(c) ignorant.
(d) unrealistic.

2. Which of the following is not one of the terms of Warren's partnership?
(a) secrecy.
(b) Warren would only make the investments his partners wanted.
(c) adding and withdrawing capital only on December 31.
(d) Investors had no say in the kinds of investments.

3. What did Buffett worry about at the age of twenty six when he had little money?
(a) where he would retire to.
(b) on an individual basis.
(c) how much money to leave to his children and what to do with the money.
(d) how to amass a fortune.

4. What was one of the stocks that Warren bought and promoted while at Buffett-Falk?
(a) Standard Oil.
(b) Proctor & Gamble.
(c) Kimberly Clark.
(d) GEICO.

5. The key question in the anti-trust suit was:
(a) the effect on circulation.
(b) the effect on the Courier-News.
(c) whether the Evening News had the intent to monopolize.
(d) the purchase price of the Evening-News.

6. While living in Washington DC, Warren worked as a:
(a) congressional aide.
(b) congressional page.
(c) carrier for the Washington Post.
(d) drug store soda fountain.

7. Buffett communicated with partners:
(a) by personal meetings with them.
(b) holding monthly meetings.
(c) on the phone.
(d) through letters.

8. What did Buffett do that was different with Hochschild and Associated Cotton?
(a) bought the entire businesses.
(b) purchased small amounts.
(c) traded one business for another.
(d) purchased liquid sahres.

9. Hathaway was run by:
(a) Olive Chace.
(b) Samuel Stater.
(c) Seabury Stanton.
(d) Charlie Munger.

10. Who had stock in many of the same companies as Buffett?
(a) Ben Graham.
(b) Seabury Stanton.
(c) Edwin Davis.
(d) Charlie Munger.

11. Warren increased his paper route by:
(a) asking for a new bigger territory.
(b) his route was big enough.
(c) going door-to-door for subscriptions.
(d) adding the Times-Herald to his Washington Post route.

12. The Post company controlled all but the following:
(a) Newsweek.
(b) Florida television stations.
(c) Washington Monthly.
(d) Washington Post.

13. Warren first ran away at the age of:
(a) sixteen.
(b) nine.
(c) fifteen.
(d) thirteen.

14. What did Buffett advise his partners of in May 1967?
(a) the partnership would go on without him.
(b) he was turning Buffett Partnership into a Performance Fund.
(c) he was liquidating Buffett Partnership.
(d) Buffett Partnership was facing huge losses.

15. Graham and Dodds did work in:
(a) stock valuation.
(b) selling and marketing.
(c) business management.
(d) commodity futures.

Short Answer Questions

1. Susie did all but:

2. Every year, Warren and Susie would:

3. How did Buffett view investments and taxes?

4. Warren made big profits by engaging in a practice known as:

5. In what simple way did Buffett find that people were still using their American Express cards?

(see the answer keys)

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