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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. Buffett and Munger believed that marketability and __________ were two terms that increased the likelihood of turnover.
(a) Liquidity.
(b) Possibility.
(c) Fluidity.
(d) Stability.

2. Buffett's wealth was solely in _________ stock, investing and reinvesting dividends on its proportional increase per share market value over time.
(a) Wells Fargo.
(b) Berkshire.
(c) GEICO.
(d) Coca-Cola.

3. What was the value of the shares of the company that Buffett and his partner purchased thirty years after its purchase?
(a) $25,000 per share.
(b) $40,000 per share.
(c) $15,000 per share.
(d) $10,000 per share.

4. Berkshire's consolidated statements met outside __________, according to the book.
(a) Standards.
(b) Movements.
(c) Requirements.
(d) Values.

5. The purchase of the company listed in #49 was influenced by whose investing principles?
(a) No one's.
(b) Ben Graham.
(c) Warren Buffett.
(d) Charlie Munger.

Short Answer Questions

1. Information helped investors see the likelihood of a company meeting future __________.

2. The partners were committed to providing and presenting a _______ business and ownership philosophy.

3. What was the name of the bank that had substantial equity interest in Berkshire?

4. Options were often ______ at exercise which made them more expensive than publicly traded options.

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

(see the answer key)

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