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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 company did Buffett say he would hold for the rest of his life?
(a) See's Candy.
(b) Diversified.
(c) Wesco.
(d) Berkshire.

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

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

4. Following Buffett's advice, the Post:
(a) expanded its operations.
(b) attracted new readers.
(c) greatly increased its return on equity.
(d) lost money.

5. When did Buffett and Munger buy the Buffalo Evening News?
(a) 1978.
(b) 1980.
(c) 1974.
(d) 1976.

Short Answer Questions

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

2. Warren's father worked as a ___________.

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

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

5. The SEC inquiry was concerned with:

Short Essay Questions

1. In evaluating companies, Buffett looked at whether they were cash consuming or cash generating. What is the difference?

2. Why did Buffett want to study with Graham?

3. What were Warren's classmates' views of him?

4. What did Berkshire-Hathaway produce?

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

6. How did Buffett help GEICO?

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

8. What was Warren interested in as a child?

9. What was Berkshire-Hathaway?

10. What did Warren do at the age of six when the family vacationed at Lake Okoboji?

(see the answer keys)

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