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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 what simple way did Buffett find that people were still using their American Express cards?
(a) he sat in a restaurant and watched how people paid thier bills.
(b) he hired a market research firm to perform a survey.
(c) he hired an analyst to perform research
(d) he contacted the chairman of the board.

2. How old was Warren when his father became Congressman?
(a) eighteen.
(b) twenty three.
(c) six.
(d) twelve.

3. Graham and Dodds did work in:
(a) business management.
(b) selling and marketing.
(c) stock valuation.
(d) commodity futures.

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

5. As Buffett's income and wealth grew, he:
(a) he traveled more.
(b) he collected more material things ostentaciously.
(c) his spending habits changed.
(d) basically maintained his same lifestyle.

Short Answer Questions

1. What term can be used to characterize Warren at this age?

2. As a child, Warren Buffett had a 'thirst' for __________.

3. What magazine did Buffett first invest in?

4. The SEC began an investigation of Buffett and Munger when they:

5. Buffett bought enough of Berkshire to:

Short Essay Questions

1. What were Buffett's views on religion?

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

3. How did Buffett help GEICO?

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

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

6. What did Buffett invest in after dissolving his partnership in May 1969?

7. What was Buffett's advice to Katherine Graham and the Washington Post?

8. What did Berkshire-Hathaway produce?

9. What did Buffett conclude about American Express

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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