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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Berkshire shareholders can be assured that the company _______ statements are accurate.

2. All acquisition considerations were paid for in ________, according to the book's information.

3. Buffett wondered that if _______ were not calculated through earnings, how could they be determined.

4. ________ took fictional accounting actions that showed absurd accounting manipulations to let it undersell all competition to dominate the industry.

5. Buffett avoids _________ share value to existing shareholders by true value for value merger, using stock as inflated currency.

Short Essay Questions

1. What did Buffett say should happen to some earnings in dividends?

2. What were the two super contagious diseases that could spread in the investment community?

3. What did Buffett prefer in trading that allowed for more benefits to long-term owners of stock?

4. What did Buffett admit that he used to do when seeking out new investments thirty-five years ago?

5. What was the piece of advice from a golf pro that Buffett takes to heart in his acquisition strategy?

6. What was the benefit of major business activities being grouped together?

7. What could Berkshire shareholders be assured of, according to Buffett in the book?

8. What was the first step in the US Steel fictional accounting process?

9. What did Buffett try to do in order to avoid problems with the two contagious diseases in the investment community?

10. What did Buffett want to do with the Berkshire stock on the NYSE?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Buffett and Munger saw the shareholders are partners in the company, not just as those who bought into the company.

Part 1: Do you think all shareholders should be seen as partners in their companies?

Part 2: How can a shareholder influence the way that that a company behaves or reacts in the business market?

Part 3: Why do you think it's necessary for there to be shareholders in modern day companies?

Essay Topic 2

Buffett and Munger didn't like to split their stock, even though they were asked to do so many times.

Part 1: Why do Buffett and Munger decide not to split their stock?

Part 2: Do you think Buffett and Munger made the right decision to keep their stock?

Part 3: Do you think Munger and Buffett are fair to their shareholders?

Essay Topic 3

Buffett stated that he finds some annual meetings to be useless to those who attend them and to those who run them.

Part 1: Do you think there is value in the annual meetings?

Part 2: Why do you think Buffett believes the annual meetings to be fairly useless?

Part 3: What do you think could be done in order to make annual meetings more useful to those who attend?

(see the answer keys)

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