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This quiz consists of 5 multiple choice and 5 short answer questions through Accounting Policy and Tax Matters.

Multiple Choice Questions

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

2. Buffett and Munger both opposed any selective ________ and predictive growth rates from the CEOs who reported them.
(a) Purchases.
(b) Truth.
(c) Strategies.
(d) Disclosure.

3. What company did Buffett acquire in 1964, which he eventually grew into a large holding company?
(a) Wal-Mart.
(b) Microsoft.
(c) Textile.
(d) Berkshire.

4. Businesses must recognize present value _______ for post-retirement health benefits, according to Buffett.
(a) Reporting.
(b) Charts.
(c) Concerns.
(d) Liability.

5. Buffett disliked _________ because of its leverage, according to the book.
(a) Accounting.
(b) Banking.
(c) Savings bonds.
(d) Stocks.

Short Answer Questions

1. Risk ___________ was defined as the pursuit of profits from anticipated events, according to the book.

2. While Munger and Buffett were excited when they are in the process of acquiring a new business, they were also _________.

3. The intrinsic business value goal was reached by ________, preferably 100% ownership of diverse business firms generating cash and above-average returns on capital.

4. A purchased firm might have _______ that increases in value over time by the amount of inflation and successful operating results.

5. A __________ was something that Buffett and Munger believed was valuable to inform businesses owners of the year's business growth.

(see the answer key)

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