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

2. Which of the following was not some thing that Howard Buffett was against?
(a) protecting US savings bond owners against inflation.
(b) European grain exports.
(c) school lunch programs.
(d) the Bretton Woods monetary scheme.

3. Berkshire and Hathaway merged in:
(a) 1958.
(b) 1950.
(c) 1955.
(d) 1960.

4. What was the result of Warren's first year of partnership?
(a) they outperformed the Dow.
(b) they matched the Dow in performance.
(c) they underperformed.
(d) the results were inconclusive.

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

Short Answer Questions

1. Which of the following is not one of the terms of Warren's partnership?

2. Buffett feared being known as:

3. At the 1968 meeting of his friends, who was not invited?

4. Ben Graham's specialty was:

5. As Buffett's income and wealth grew, he:

Short Essay Questions

1. What was happening with other mutual funds by early 1967?

2. What did Warren do after business school?

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

4. Where was Warren Buffett born and raised?

5. What did twelve-year-old Warren have to say about money when asked why it was so important to him?

6. What did Buffett feel was most important in the evaluation of a company?

7. Why did Buffett want to study with Graham?

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

9. When Buffett was interested in a company, he studied the financial data. For companies like Berkshire and American Express, what else did he do?

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

(see the answer keys)

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