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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. Warren handled his investments with people:
(a) by forming partnerships.
(b) on an individual basis.
(c) by following their instructions.
(d) by keeping them informned.

2. Warren worked on all of the following during this period:
(a) teaching in night school.
(b) Buffett-Falk.
(c) the family grocery business.
(d) a Dale Carnegie course.

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

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

5. What did Buffett worry about at the age of twenty six when he had little money?
(a) how much money to leave to his children and what to do with the money.
(b) where he would retire to.
(c) how to amass a fortune.
(d) on an individual basis.

Short Answer Questions

1. What magazine did Buffett first invest in?

2. What did Buffett recommend that the Post do?

3. What is the value of diversification?

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

5. What did Buffett advise his partners of in May 1967?

Short Essay Questions

1. How did Buffett communicate with his partners?

2. How did Buffett's partnership do in their first five years?

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

4. What did Buffett conclude about American Express

5. What does Buffett worry about at the age of twenty six?

6. What was Berkshire-Hathaway?

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

8. Munger and Buffett purchased the Buffalo Evening Press and became involved in an anti-trust suit. What brought on the anti-trust suit by the rival Courier-News?

9. What was Warren interested in as a child?

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

(see the answer keys)

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