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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 and Munger described the acquisition process as being akin to finding a ________.
(a) Gold mine.
(b) Spouse.
(c) Promised land.
(d) New toy.

2. Buffett and Munger run the business so that all ___________ gain proportionately.
(a) Companies.
(b) Lending agencies.
(c) Banks.
(d) Shareholders.

3. The common stock par value was reduced to _________, according to the book.
(a) One quarter.
(b) One cent.
(c) One dollar.
(d) One dime.

4. Alternative investments were considered for __________ high quality investments when a preferable business could not be located.
(a) Future.
(b) Short-term.
(c) Long-term.
(d) Basic.

5. What was the initial book value of the company that Buffett and his partner acquired in 1964?
(a) $35.00
(b) $47.01.
(c) $19.46.
(d) $10.67.

Short Answer Questions

1. Buffett started to buy _____ businesses at good prices instead of buying good businesses at fair prices.

2. The partners considered a lesser interest if the ________ price was less than what it would be for 100%.

3. The partners were also interested in firms that had extraordinary ________ talent exhibiting skillful executive achievement.

4. The content of the book was often used as a standard text at the Cardozo School of __________.

5. Buffett's ______ years of experience cause him to think that efficient times in the market do not constitute an efficient market.

(see the answer key)

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