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

2. What did Warren's father tell him when he returned from running away?
(a) he was grounded for one month.
(b) he was sending him back to Nebraska.
(c) improve his grades or give up the paper route.
(d) quit his job as punishment.

3. What was one of the stocks that Warren bought and promoted while at Buffett-Falk?
(a) Kimberly Clark.
(b) Proctor & Gamble.
(c) Standard Oil.
(d) GEICO.

4. A cotton mill was established in New Bedford in:
(a) 1890.
(b) 1875.
(c) 1860.
(d) 1847.

5. The SEC inquiry was concerned with:
(a) how Buffet made his money.
(b) the effect of Buffet and Munger working together.
(c) the effect of a Berkshire-Diversified merger.
(d) Blue Chip manipulation of Wesco stock.

Short Answer Questions

1. Graham and Dodds did work in:

2. What bad investment did Warren make at this time?

3. The Buffett family owned and operated a ___________.

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

5. As Buffett's income and wealth grew, he:

Short Essay Questions

1. How did Warren handle investments for others? What were his terms?

2. How did Buffett know of Ben Graham at Columbia?

3. What was Berkshire-Hathaway?

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

5. How did Buffett become active in stock trading again?

6. What did Buffett invest in after dissolving his partnership in May 1969?

7. What were Buffett's plans for Berkshire?

8. Where was Warren Buffett born and raised?

9. What brought on the SEC investigation of Buffett and Munger?

10. What were Buffett's views on religion?

(see the answer keys)

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