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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. Buffett bought enough of Berkshire to:
(a) sit on the board.
(b) bring on a lawsuit.
(c) arouse the curiousity of the press.
(d) to anger his other partners.

2. By the time of World War I, what part of the New Bedford labor force worked at the mill?
(a) three fourths.
(b) one fourth.
(c) one half.
(d) one third.

3. Buffett communicated with partners:
(a) on the phone.
(b) by personal meetings with them.
(c) through letters.
(d) holding monthly meetings.

4. After graduating from business school, Warren returned to Omaha to work for:
(a) Buffett-Falk & Company.
(b) Citi Bank.
(c) Omaha National Bank.
(d) Proctor & Gamble.

5. Which of the following was not one of the three companies that Buffett used to purchase stock and other companies?
(a) Blue Chip Stamps.
(b) Diversified Retailing.
(c) Berkshire Hathaway.
(d) American Express.

Short Answer Questions

1. What was one of Buffett's first possessions that had to do with money?

2. Ben Graham's specialty was:

3. The Post company controlled all but the following:

4. His best childhood friend was___________.

5. What was Warren's major passion outside of work?

Short Essay Questions

1. When Buffett was interested in a company, he studied the financial data. For companies like Berkshire and American Express, what else did he do?

2. How did Buffett's partnership do in their first five years?

3. What was the outcome of the anti-trust suit?

4. In evaluating companies, Buffett looked at whether they were cash consuming or cash generating. What is the difference?

5. What did Warren do at the age of six when the family vacationed at Lake Okoboji?

6. What did Buffett feel was most important in the evaluation of a company?

7. Munger and Buffett purchased the Buffalo Evening Press and became involved in an anti-trust suit. What brought on the anti-trust suit by the rival Courier-News?

8. What does Buffett worry about at the age of twenty six?

9. Why were so many investors impressed by Warren?

10. Why did Buffett close the partnership to new accounts in 1966?

(see the answer keys)

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