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

Multiple Choice Questions

1. _________ percentage ownership was acquired when the market presented opportunities, according to the book.
(a) Lesser.
(b) Greater.
(c) More.
(d) Beholden.

2. The satire talked about charging off ________ value to negative one million dollars so the company could convert depreciation cost to annual appreciation gain.
(a) Promised.
(b) Fixed assets.
(c) Shareholders.
(d) Variable assets.

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

4. What is NOT one of the companies listed as having the management requirements that Buffett and Munger want to see?
(a) Champion.
(b) Wal-Mart.
(c) Salomon.
(d) USAir.

5. The permanent holdings at Berkshire were those that Buffett and Munger decided to keep, no matter what the _________ offered.
(a) Price.
(b) Value.
(c) Name.
(d) Options.

Short Answer Questions

1. What was the title of Buffett's partner in the company they shared?

2. Buffett's criteria measured _________ expectations of the highest after-tax returns to maximize net worth in the long run.

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

4. What were the name of the bonds that Buffett seeks to promote through Berkshire?

5. The current value of the company Buffett and his partner bought showed that they understated its current ________ value.

(see the answer key)

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