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

Multiple Choice Questions

1. Buffett made distinctions in ________ policy to account or differences in earnings, according to the book.
(a) Ownership.
(b) Dividend.
(c) Share.
(d) Market.

2. _________ can be foolish, according to the lessons in this chapter, foolhardy even, or just be fooling buyers and sellers.
(a) Smith.
(b) Mr. Big.
(c) Mr. Market.
(d) Buffett.

3. What was NOT one of the three tax-free gifting tactics that Buffett suggested to shareholders?
(a) Will gifting.
(b) Bargain sale.
(c) Married couple gifting.
(d) Partnership form.

4. A bond is _______ with regular payment of interest and repayment of principle.
(a) Nothing.
(b) Debt.
(c) A loan.
(d) A promise.

5. How many shareholders did Munger and Buffett pledge to provide fair and simultaneous reporting to?
(a) 50%.
(b) 10.
(c) 15,000.
(d) 300,000.

Short Answer Questions

1. What did GAAP stand for, according to the text in the book?

2. Buffett is proud that ____% of the shares outstanding at the end of each year were held by the same shareholders.

3. What was the stock market value of the company in #49 when it was first purchased by Buffett?

4. Buffett noted that a CEO had no direct ______ or clear standards of performance, making even under performing ones able to continue working.

5. The NYSE listing for Berkshire was thought to reduce _______ for shareholders by ensuring a narrow market maker spread.

(see the answer key)

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