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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. Warren's attitude toward leaving some money to his children changed when:

2. Who handled Berkshire's investments:

3. Which of the following is not part of Buffett's guide to selecting stocks?

4. Berkshire was most active in:

5. By the 1990s, Buffett was worth:

Short Essay Questions

1. What stock did Buffett begin purchasing in 1988?

2. How does Buffett describe the difference between his public and private lives?

3. What was one of the first things Buffett did at Salomon?

4. What did Susie do at the age of forty five?

5. What was the outcome of the government case against Salomon?

6. What are referred to as Buffett's sweetheart deals?

7. Why wasn't Buffett adversely affected by the insurance market problems in 1985?

8. How many people are employed at Buffett's world headquarters?

9. How did Buffett learn about the Nebraska Furniture Mart?

10. Salomon became the object of an SEC and Justice Department investigation because of their bond trading. What did they do?

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

How did Buffett prosper during the insurance market problems in the 1990s? What did he do that others didn't? Explain the concept of float and how it applied to insurance companies in your answer.

Essay Topic 3

Buffett has been characterized as an accumulator and one who hangs on to things? Comment on this? Do you think it is true? Why or why not?

(see the answer keys)

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