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

Multiple Choice Questions

1. What did Buffett recommend that the Post do?
(a) expand magazine operations.
(b) buy back its own stock.
(c) expand overseas.
(d) expand television operations.

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

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

4. What event occurred in August 1967?
(a) Buffet's partnership eperienced its first loss.
(b) Congressional hearning into the rampant growth of mutual funds.
(c) the market crashed.
(d) new legislated limited partnership.

5. Which of the following was not some thing that Howard Buffett was against?
(a) European grain exports.
(b) protecting US savings bond owners against inflation.
(c) school lunch programs.
(d) the Bretton Woods monetary scheme.

6. What did Buffett say he was putting his money into?
(a) blue chip stocks.
(b) municipal bonds.
(c) a new mutual fund.
(d) money market funds.

7. What did Warren always wear in high school?
(a) dress shoes.
(b) a Nebraska sweat shirt.
(c) sneakers.
(d) a business cap.

8. What was the result of Warren's first year of partnership?
(a) they matched the Dow in performance.
(b) the results were inconclusive.
(c) they underperformed.
(d) they outperformed the Dow.

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

10. The SEC began an investigation of Buffett and Munger when they:
(a) bought Diversified.
(b) filed to merge Diversified into Berkshire.
(c) bought blue Chip.
(d) bought See's Candy Shops.

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

12. Buffett became a director on the board of the Post in:
(a) 1974.
(b) 1980.
(c) 1976.
(d) 1970.

13. What did the Courier-Star accuse the Evening News of?
(a) monopolistic practices.
(b) making deals with advertisers.
(c) poor reporting.
(d) lack of ethics.

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

15. Buffett would only consider investing in social projects if:
(a) they showed a rate of return.
(b) he personally approved them.
(c) Susie approved them.
(d) he deemed it as a good cause.

Short Answer Questions

1. How many partnerships was Warren running by the end of his first year?

2. Buffett Partnership was Berkshire's biggest stockholder by:

3. Buffett's goal, as stated to his partners, was to:

4. As a result of the end of the Go Go era:

5. Every year, Warren and Susie would:

(see the answer keys)

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