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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. A __________ was something that Buffett and Munger believed was valuable to inform businesses owners of the year's business growth.
(a) Business report.
(b) Business gathering.
(c) Business forum.
(d) Business trade show.

2. Buffett managed by ________-related business principles, according to the book.
(a) Owner.
(b) Math.
(c) Business.
(d) Stock.

3. What did Berkshire do in the case of the zero-coupon bonds? They deducted ______ with no cash paid out.
(a) Length of time to cash it out.
(b) Shares.
(c) Value.
(d) Interest.

4. What were the name of the bonds that were issued during WWI?
(a) Series II.
(b) Series E.
(c) IRA.
(d) Series B.

5. Which business did Munger and Buffett decide to close, despite their best efforts?
(a) None.
(b) GEICO.
(c) Coca-Cola.
(d) Textile.

Short Answer Questions

1. Buffett and his partner preferred to buy a company at a fair price at _______% interest.

2. When did Berkshire Hathaway begin as a textile company?

3. _________ percentage ownership was acquired when the market presented opportunities, according to the book.

4. The bonds that Buffett decides to buy in 1989 were thought to be ________, but turn out to be fallen angels.

5. What did the zero-coupon bonds not pay to the investor in the end?

Short Essay Questions

1. What did Buffett have to say about the idea of annual meetings for shareholders and other business managers?

2. Where did Berkshire directors have most of their net worth invested, according to the book?

3. Who did Buffett consider to be partners with him in his business, according to the book?

4. What did Buffett and Munger invest based upon, instead of price quotes?

5. What was listed as the difference between a fallen angel and a junk bond?

6. What did Buffett fear about investing in companies that were located in California?

7. What is the content of this book often used for, according to the author?

8. What did Buffett and Charlie Munger do together, which led to the creation of this book?

9. What was the long-term economic goal of the directors investing in the Berkshire company?

10. How did Buffett seek to define a corporation as a mechanism? What exactly did this mean?

(see the answer keys)

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