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

Multiple Choice Questions

1. Following Buffett's advice, the Post:
(a) greatly increased its return on equity.
(b) expanded its operations.
(c) attracted new readers.
(d) lost money.

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

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

4. How old was Warren when his father became Congressman?
(a) six.
(b) twenty three.
(c) twelve.
(d) eighteen.

5. Throughout his years in school, Buffett said he would live in:
(a) New York.
(b) Ohaha.
(c) Los Angeles.
(d) Washington.

6. As Buffett's income and wealth grew, he:
(a) basically maintained his same lifestyle.
(b) his spending habits changed.
(c) he collected more material things ostentaciously.
(d) he traveled more.

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

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

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

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

11. Warren bought all but the following through Berkshire:
(a) American Express.
(b) National Indemnity Company.
(c) Sun Newspaper.
(d) Illinois National Bank and Trust.

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

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

14. In what simple way did Buffett find that people were still using their American Express cards?
(a) he sat in a restaurant and watched how people paid thier bills.
(b) he hired a market research firm to perform a survey.
(c) he hired an analyst to perform research
(d) he contacted the chairman of the board.

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

Short Answer Questions

1. As a child, Warren was interested in:

2. Who had stock in many of the same companies as Buffett?

3. What did Buffett recommend that the Post do?

4. Warren did not want to attend college because:

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

(see the answer keys)

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