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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. Keynes stated: "The right method of investment is to put fairly large sums of money into enterprises which one thinks one knows something about and in the ________ of which one thoroughly believes."
(a) Product.
(b) Intrinsic value.
(c) Management.
(d) Philosophy.

2. How much profit did the new holding of Berkshire make for Buffett and Munger?
(a) $250M.
(b) $100M.
(c) $500M.
(d) $150M.

3. Ben Graham personified the market with the name ___________, to give it a more human side.
(a) Sir Market.
(b) Mr. Market.
(c) The Market Man.
(d) Mr. Big.

4. If the buyer's stock was sold at less than intrinsic value, he bought with undervalued _________ and would suffer an unequal exchange.
(a) Dividends.
(b) Markets.
(c) Companies.
(d) Currency.

5. The _______ doesn't feel poorer when the embezzler is getting richer.
(a) Victim.
(b) Country.
(c) Government.
(d) Market.

Short Answer Questions

1. Many ended up taking Buffett and Munger ________ on faith because of the way that they reported.

2. The long-term economic goal was to maximize per-share average annual rate of gain at ______% of the intrinsic business value.

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

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

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

(see the answer key)

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