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

Multiple Choice Questions

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

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

3. As a child, Warren Buffett had a 'thirst' for __________.
(a) numbers.
(b) games.
(c) books.
(d) money.

4. Warren attended graduate school at:
(a) Harvard.
(b) Princeton.
(c) Columbia.
(d) University of Chicago.

5. 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.

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

7. What was important to the young Warren?
(a) making money and watching it grow.
(b) games.
(c) schools.
(d) books.

8. Buffett began buying stocks:
(a) for the Buffett foundation.
(b) with bargain prices for Berkshire.
(c) for his own account.
(d) for partners.

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

10. According to the terms offered to the Davises, what percent of the profits would Warren receive?
(a) 50%.
(b) 15%.
(c) 30%.
(d) 25%.

11. During this time, Susie:
(a) became a singer.
(b) separated from Warren.
(c) returned to school.
(d) began making her own investments.

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

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

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

15. The Buffett family owned and operated a ___________.
(a) grocery store.
(b) cattle ranch.
(c) general store.
(d) corn farm.

Short Answer Questions

1. The injunction which the lower court issued was:

2. What did Warren's father tell him when he returned from running away?

3. What did Buffett worry about at the age of twenty six when he had little money?

4. What is the value of diversification?

5. What was one of the stocks that Warren bought and promoted while at Buffett-Falk?

(see the answer keys)

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