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This quiz consists of 5 multiple choice and 5 short answer questions through Accounting and Valuation.

Multiple Choice Questions

1. The partners were interested firms that are adapted to ______ times that could readily increase prices and scale up to a large volume with more capital.
(a) Aggressive.
(b) Bloated.
(c) Inflationary.
(d) Recession.

2. What was the title of Buffett's partner in the company they shared?
(a) Vice-Chairman.
(b) CEO.
(c) Chairman.
(d) Vice President.

3. Buffett believed that many annual ________ were a waste of time for the shareholders and the management.
(a) Meetings.
(b) Updates.
(c) Charts.
(d) Reports.

4. Berkshire might evolve into a _______ form of board situation, upon Buffett's death, according to the book.
(a) Second.
(b) Fourth.
(c) Third.
(d) Dissolved.

5. What was the value of the shares of the company that Buffett and his partner purchased thirty years after its purchase?
(a) $40,000 per share.
(b) $10,000 per share.
(c) $15,000 per share.
(d) $25,000 per share.

Short Answer Questions

1. Buffett disliked _________ because of its leverage, according to the book.

2. What is NOT one of the companies listed as having the management requirements that Buffett and Munger want to see?

3. LBO operators benefitted from the use of ________ to reshuffle business, risk little of their own money to gain high fees, etc.

4. What was the total look through earnings of Berkshire in 1990, plus non-dividend operating earnings?

5. The satire talked about charging off ________ value to negative one million dollars so the company could convert depreciation cost to annual appreciation gain.

(see the answer key)

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