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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. Options were often ______ at exercise which made them more expensive than publicly traded options.
(a) Presented.
(b) Undervalued.
(c) Moved.
(d) Re-priced.

2. Preferred stock is considered with _________ that Munger and Buffett like, admire, and trust.
(a) Products.
(b) History.
(c) Management.
(d) Values.

3. How many primary holdings were permanent in the time of Buffett and Munger?
(a) One.
(b) Three.
(c) Four.
(d) Two.

4. The margin of ________ was the cornerstone of investment success, according to Graham.
(a) Reward.
(b) Risk.
(c) Error.
(d) Safety.

5. What was the name of the bond holdings that Buffett added to Berkshire in 1989?
(a) Pepsi.
(b) RJR Nabisco.
(c) General Mills.
(d) Arrowhead.

Short Answer Questions

1. Buffett and Munger did not operate a strategic plan for __________ but compare opportunities against passive investments.

2. Buffett's wealth was solely in _________ stock, investing and reinvesting dividends on its proportional increase per share market value over time.

3. Buffett and Munger saw themselves as general _______ responsible to other shareholders.

4. Substantial equity interest was NOT owned by one of the following companies.

5. Buffett proposed that earnings should be retained to the extent each retained dollar creates at least ________ of market value for owners.

(see the answer key)

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