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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Buffett's goal, as stated to his partners, was to:
(a) purchase blue chip stocks.
(b) achieve a 10% rate of return.
(c) make them wealthy.
(d) beat the Dow by an average of ten points per year.

2. What industry did Buffett become interested in at this time?
(a) high tech.
(b) newspaper.
(c) steel.
(d) auto.

3. What did Buffett say he was putting his money into?
(a) blue chip stocks.
(b) a new mutual fund.
(c) municipal bonds.
(d) money market funds.

4. Warren did not want to attend college because:
(a) he didn't feel he could learn anything.
(b) he wanted to get married.
(c) he wanted to work.
(d) he wanted to travel.

5. What did Warren do with some of the profits from his paper route?
(a) vacationed in Miami.
(b) bought a car.
(c) bought forty acres of Nebraska farmland.
(d) bought AT&T stock.

6. While reaching Ben Graham, Warren learned about a company called:
(a) AT&T.
(b) Kimberly-Clark.
(c) GEICO.
(d) State Farm Insurance.

7. What did Buffett worry about at the age of twenty six when he had little money?
(a) how to amass a fortune.
(b) on an individual basis.
(c) how much money to leave to his children and what to do with the money.
(d) where he would retire to.

8. Buffett Partnership was Berkshire's biggest stockholder by:
(a) 1965.
(b) 1966.
(c) 1963.
(d) 1962.

9. As a result of the end of the Go Go era:
(a) funds were clustered in some growth stocks.
(b) there was no direction to the market.
(c) traders were confused.
(d) market trading was thin.

10. What did the Evening News do that resulted in an anti-trust suit?
(a) lowered prices.
(b) tried to force the Courier-News out of business.
(c) lowered prices below costs.
(d) announced the publication of a Sunday edition.

11. The SEC began an investigation of Buffett and Munger when they:
(a) bought See's Candy Shops.
(b) bought Diversified.
(c) filed to merge Diversified into Berkshire.
(d) bought blue Chip.

12. In early 1967, Buffett advised his partners that:
(a) newer nutual funds achieved better returns than his did.
(b) he was changing the scope of the business.
(c) there was too much competition in the market.
(d) the market was going to crash.

13. Studying under Graham allowed Warren to:
(a) learn to develop a business.
(b) quality to teach.
(c) develop his own natural abilities.
(d) complete his thesis.

14. Katherine Graham was the owner of the:
(a) New York Times.
(b) Washington Star.
(c) Los Angeles Times.
(d) Washington Post.

15. His best childhood friend was___________.
(a) George Sklenicka.
(b) Bill Gates.
(c) John Buffet.
(d) Bob Russell.

Short Answer Questions

1. Warren attended graduate school at:

2. Warren worked on all of the following during this period:

3. What did Warren vow after his involvement with Dempster?

4. What kind of stocks were most popular at this time?

5. Which is not one of the three stocks that Buffett heavily invested in the 1960?

(see the answer keys)

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