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This quiz consists of 5 multiple choice and 5 short answer questions through Mergers and Acquisitions.

Multiple Choice Questions

1. Buffett's criteria measured _________ expectations of the highest after-tax returns to maximize net worth in the long run.
(a) Mathematical.
(b) Probable.
(c) Accounting.
(d) Emotional.

2. Which of the partners had 99% of their net worth concentrated in Berkshire stock?
(a) Munger.
(b) Both.
(c) Neither.
(d) Buffett.

3. Preferred stock is considered with _________ that Munger and Buffett like, admire, and trust.
(a) History.
(b) Management.
(c) Products.
(d) Values.

4. Buffett claimed in the book that most Berkshire shareholders will hang onto their shares for ____________.
(a) Friends and family.
(b) Life.
(c) The time before retirement.
(d) A few years.

5. What did a bondholder have to do with their bond if they decided to cash it in early?
(a) Transfer it back to the owner.
(b) Earn more.
(c) Nothing.
(d) Pay interest.

Short Answer Questions

1. A __________ was something that Buffett and Munger believed was valuable to inform businesses owners of the year's business growth.

2. Buffett followed the simple rule that the same amount of intrinsic business value must be exchanged with each ________ transaction.

3. Buffett believed that many annual ________ were a waste of time for the shareholders and the management.

4. What was the one thing that Munger and Buffett would not address in their question sessions?

5. Buffett stated that his position with any stock repurchase does not imply acceptance of _______, which he calls extortion.

(see the answer key)

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