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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. In their senior year, Warren and Danley opened a:
(a) stock quote business.
(b) pinball machine business.
(c) courier service.
(d) magazine clipping service.

2. Hathaway was run by:
(a) Olive Chace.
(b) Charlie Munger.
(c) Seabury Stanton.
(d) Samuel Stater.

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

4. In early 1967, Buffett advised his partners that:
(a) he was changing the scope of the business.
(b) newer nutual funds achieved better returns than his did.
(c) the market was going to crash.
(d) there was too much competition in the market.

5. Which is not one of the three stocks that Buffett heavily invested in the 1960?
(a) Berkshire-Hawthaway.
(b) American Express.
(c) Disney.
(d) TWA.

Short Answer Questions

1. The salad oil owned by an American Express subsidiary was:

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

3. According to the terms offered to the Davises, what percent of the profits would Warren receive?

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

5. Buffett communicated with partners:

Short Essay Questions

1. How did Buffett's partnership differ from other mutual funds?

2. Why did Buffett close the partnership to new accounts in 1966?

3. What did Buffett do from 1969 - 1973?

4. How did Buffett learn about GEICO?

5. How did Buffett communicate with his partners?

6. How did Buffett know of Ben Graham at Columbia?

7. What kind of business did Warren have in Washington DC in high school?

8. What was the outcome of the anti-trust suit?

9. What is the difference between the quantitative appeal of Berkshire and the qualitative appeal of American Express?

10. What did Berkshire-Hathaway produce?

(see the answer keys)

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