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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. What was not a characteristic of a performance fund?
(a) short term perspective.
(b) sustained long term growth.
(c) making fast money.
(d) moving in and out of stocks.

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

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

5. 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.

6. How many partnerships was Warren running by the end of his first year?
(a) nine.
(b) five.
(c) three.
(d) four.

7. The SEC inquiry was concerned with:
(a) Blue Chip manipulation of Wesco stock.
(b) how Buffet made his money.
(c) the effect of a Berkshire-Diversified merger.
(d) the effect of Buffet and Munger working together.

8. What magazine did Buffett first invest in?
(a) Look.
(b) Washington Monthly.
(c) Atlantic Monthly.
(d) People.

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

10. 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.

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

12. These kinds of funds in this era were characterized as:
(a) bear market.
(b) irresponsible trading.
(c) Go Go.
(d) bull market.

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

14. Warren first ran away at the age of:
(a) sixteen.
(b) nine.
(c) fifteen.
(d) thirteen.

15. 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.

Short Answer Questions

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

2. What did the young Warren trust?

3. What was Warren's major passion outside of work?

4. In what simple way did Buffett find that people were still using their American Express cards?

5. Book value is:

(see the answer keys)

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