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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

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

2. What industry did Buffett become interested in at this time?

3. What did the young Warren trust?

4. What magazine did Buffett first invest in?

5. Why did the Buffetts move to New York in 1954?

Short Essay Questions

1. What did Buffett conclude about American Express

2. Why were so many investors impressed by Warren?

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

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

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

6. What was Berkshire-Hathaway?

7. What did Warren do after business school?

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

9. Where was Warren Buffett born and raised?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What is the importance of return on equity? Why did Buffett emphasize this? What happened when the Washington Post followed his advice?

Essay Topic 2

What are the points mentioned in Buffett's guide to selecting stocks? What kind of business did Buffett prefer? Why?

Essay Topic 3

What was Buffett's strategy for buying companies? How did he finance them? Did he take an active role in their management or did he sit in the background?

(see the answer keys)

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