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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. By the time of World War I, what part of the New Bedford labor force worked at the mill?

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

3. Warren made big profits by engaging in a practice known as:

4. What was one of Buffett's first possessions that had to do with money?

5. Warren married Susie Thompson in:

Short Essay Questions

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

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

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

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

5. Why did Buffett want to study with Graham?

6. How did Buffett become active in stock trading again?

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

8. How did Buffett know of Ben Graham at Columbia?

9. How did Buffett communicate with his partners?

10. 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?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Who is Warren Buffett? How did he make his fortune? How does he differ from the other great American capitalists? What was his major strength?

Essay Topic 2

What was Buffett's role in the government's case against Salomon Brothers? What position did Buffett take in the situation? Do you agree with him? Why or why not?

Essay Topic 3

What is an investment partnership? What were the terms of Buffett's partnership? What was his strong point in his sales pitches? Would you have felt comfortable with the terms?

(see the answer keys)

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