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

Multiple Choice Questions

1. What bad investment did Warren make at this time?
(a) Dempster.
(b) National American.
(c) Blue Eagle stamps.
(d) purchasing a house.

2. Warren did not want to attend college because:
(a) he wanted to travel.
(b) he wanted to get married.
(c) he didn't feel he could learn anything.
(d) he wanted to work.

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

4. Berkshire and Hathaway merged in:
(a) 1950.
(b) 1960.
(c) 1955.
(d) 1958.

5. While reaching Ben Graham, Warren learned about a company called:
(a) Kimberly-Clark.
(b) State Farm Insurance.
(c) AT&T.
(d) GEICO.

6. 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) the partnership would go on without him.
(d) he was liquidating Buffett Partnership.

7. The Evening News' rival newspaper was the:
(a) New York Post.
(b) Toronto Star.
(c) New York Times.
(d) Courier Express.

8. Warren handled his investments with people:
(a) by forming partnerships.
(b) by following their instructions.
(c) by keeping them informned.
(d) on an individual basis.

9. Buffett began buying Berkshire-Hathaway stock in:
(a) 1962.
(b) 1955.
(c) 1966.
(d) 1950.

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

11. The salad oil owned by an American Express subsidiary was:
(a) oversold.
(b) mostly seawater.
(c) stolen.
(d) high quality salad oil.

12. As a child, Warren was interested in:
(a) model cars.
(b) games.
(c) baseball.
(d) the stock market.

13. What is the value of diversification?
(a) the names of the stocks.
(b) balance.
(c) ease of management.
(d) prestige.

14. Warren purchased his first stocks at the age of:
(a) eleven.
(b) fifteen.
(c) nineteen.
(d) twenty one.

15. The injunction which the lower court issued was:
(a) overturned by an Appellate Court.
(b) upheld buy an Appellate Court.
(c) was remanded to the lower court for review.
(d) the Apellate Court changed the terms of the injunction.

Short Answer Questions

1. What did Warren vow after his involvement with Dempster?

2. How did Buffett view investments and taxes?

3. What course did Warren teach at the University of Omaha?

4. Following Buffett's advice, the Post:

5. During the early 1960s, the company's stock price:

(see the answer keys)

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