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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. Berkshire Hathaway's insurance companies maintained how many permanent common stock holdings?
(a) Three.
(b) Five.
(c) Ten.
(d) Four.

2. Who was the financial mentor that Buffett relied upon for his teachings and lessons about the way to do business?
(a) Ben Graham.
(b) Himself.
(c) Charlie Munger.
(d) No one.

3. What was the title of Buffett in relation to his company?
(a) Vice-Chairman.
(b) President.
(c) Owner.
(d) Chairman.

4. Which state was Buffett worried about in terms of its ability to create good investments for his company?
(a) Hawaii.
(b) Alabama.
(c) California.
(d) Illinois.

5. What was the stock market value of the company in #49 when it was first purchased by Buffett?
(a) $500M.
(b) $100M.
(c) $250M.
(d) $300M.

Short Answer Questions

1. In some cases, the benefits of partial ownership earnings may far outweigh the ________ acquisition cost.

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

3. Many stocks had a _______, like Coca-Cola, but none have the same market share.

4. Confusing ________ requirements were offset by the partners' willingness to report look-through earnings.

5. What was the name of Warren Buffett's partner in the company they shared?

Short Essay Questions

1. What might a CEO do if they were unlikely to dispose of their successful operating business, according to Buffett?

2. What were two of the benefits of zero-coupon bonds, as listed by Berkshire in their promotions?

3. What did Buffett and Munger prefer to do when they invested in a company?

4. How did Buffett's criteria for buying companies and maintaining holdings help to maximize net worth in the long run?

5. What was the purpose of the fourteen owner-related business principles that Buffett lists in the book?

6. How did Buffett and Munger buy public companies, according to the book's details?

7. Whose investing principles guided the Buffett purchase of Washington Post Company?

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

9. What did Buffett decide to do in order to create a meeting in which business owners would be informed about the year's business growth and development?

10. What was the key principle of Ben Graham that guided the way that Buffett bought other businesses?

(see the answer keys)

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