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

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

3. Berkshire was a ________ corporation, as it was described in this section of the book.
(a) Co-owned.
(b) Private.
(c) Shared.
(d) Public.

4. A __________ was something that Buffett and Munger believed was valuable to inform businesses owners of the year's business growth.
(a) Business report.
(b) Business gathering.
(c) Business forum.
(d) Business trade show.

5. Buffett's long term economic goal was to maximize per share _________ value of Berkshire stock by owning a diversified group of businesses.
(a) Economic.
(b) Intrinsic.
(c) Market.
(d) True.

Short Answer Questions

1. What was coined as the term for the amount of undiscovered embezzlement?

2. Popular theory at the time said that the market was totally efficient at _________ investment.

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

4. Many stocks had a _______, like Coca-Cola, but none have the same market share.

5. Berkshire Hathaway's insurance companies maintained how many permanent common stock holdings?

(see the answer key)

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