2. Buffett's goal, as stated to his partners, was to:
(a) achieve a 10% rate of return.
(b) make them wealthy.
(c) purchase blue chip stocks.
(d) beat the Dow by an average of ten points per year.

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

4. Buffett told his partners all but the following:
(a) he would not act as their financial counsel.
(b) he recommended Sequoia Fund.
(c) he would continue to manage their money.
(d) he could help place their money in municipal bonds.

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

6. What did Warren's father tell him when he returned from running away?
(a) he was grounded for one month.
(b) quit his job as punishment.
(c) improve his grades or give up the paper route.
(d) he was sending him back to Nebraska.

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

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

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

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

11. Buffett Partnership was Berkshire's biggest stockholder by:
(a) 1962.
(b) 1966.
(c) 1963.
(d) 1965.

12. Book value is:
(a) what the market thinks a business is worth.
(b) the value of a company's asset.
(c) capital invested in a business plus retained profits.
(d) the value of a company's stock.

13. By the time of World War I, what part of the New Bedford labor force worked at the mill?
(a) one fourth.
(b) three fourths.
(c) one third.
(d) one half.

14. What industry did Buffett become interested in at this time?
(a) auto.
(b) newspaper.
(c) steel.
(d) high tech.

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