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

Multiple Choice Questions

1. What company did the partnership buy that Warren became chairman of?
(a) National American Fire Insurance.
(b) Dempster.
(c) Control Data.
(d) Sanford Map.

2. What did Warren vow after his involvement with Dempster?
(a) he would never lay off people again.
(b) he wanted to be a liquidator.
(c) he liked the experience.
(d) he wanted to start a new company.

3. Buffett gained total control of Berkshire in:
(a) July 1963.
(b) June 1964.
(c) September 1964.
(d) May 1965.

4. What newspaper stock did Buffett buy heavily?
(a) New York Times.
(b) Miami Herald.
(c) Chicago Sun Times.
(d) Washington Post.

5. The Buffett children describe their mother as:
(a) moody.
(b) friendly.
(c) lenient.
(d) outgoing.

6. Studying under Graham allowed Warren to:
(a) complete his thesis.
(b) quality to teach.
(c) learn to develop a business.
(d) develop his own natural abilities.

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

8. Warren's father worked as a ___________.
(a) factory worker.
(b) securities salesman.
(c) grocer.
(d) farmer.

9. At the 1968 meeting of his friends, who was not invited?
(a) Ben Graham.
(b) Bill Ruane.
(c) Carl Ican.
(d) Charlie Munger.

10. What course did Warren teach at the University of Omaha?
(a) Managerial Economics.
(b) Introduction to Economics.
(c) Introduction to Finance.
(d) Investment Principles.

11. Buffett told his partners all but the following:
(a) he recommended Sequoia Fund.
(b) he would continue to manage their money.
(c) he could help place their money in municipal bonds.
(d) he would not act as their financial counsel.

12. Warren Buffett was born in___________.
(a) Memphis, Tennessee.
(b) Chicago, Illinois.
(c) Omaha, Nebraska.
(d) Kansas City, Nebraska.

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

14. After graduating from business school, Warren returned to Omaha to work for:
(a) Proctor & Gamble.
(b) Citi Bank.
(c) Buffett-Falk & Company.
(d) Omaha National Bank.

15. Buffett feared being known as:
(a) unethical.
(b) a loser.
(c) a liquidator.
(d) wealthy.

Short Answer Questions

1. What term can be used to characterize Warren at this age?

2. Which is not one of the three stocks that Buffett heavily invested in the 1960?

3. As a child, Warren was interested in:

4. What did Buffett advise his partners of in May 1967?

5. Warren bought all but the following through Berkshire:

(see the answer keys)

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