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

Multiple Choice Questions

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

2. Buffett did not expand, borrow, or sell unless Berkshire received as much _________ as it gave.
(a) Power.
(b) Value.
(c) Promise.
(d) Dividends.

3. A CEO unlikely to dispose of his successful operating business may sell profitable stock investments to redeploy _________.
(a) Interest.
(b) Nothing.
(c) Capital.
(d) Dividends.

4. Which of the partners had 99% of their net worth concentrated in Berkshire stock?
(a) Munger.
(b) Both.
(c) Neither.
(d) Buffett.

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

Short Answer Questions

1. The board was ultimately responsible for any _______'s performance in the companies they held.

2. How much was the company worth that Buffett and his partner created at the time of this book?

3. The question of an exchange of stock arose in 1983 during the merger of Berkshire and ____________.

4. A stock _______ might attractive investors unlike their current investor group which might downgrade the quality of the shares.

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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