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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 differed from other CEOs in that he:
(a) did not have a structured appointments schedule.
(b) he hired a variety of secretaries.
(c) he did not have an office.
(d) he did most of his work at home.

2. Which of the following was not one of the permanent three in Berkshire's portfolio?
(a) Cap Cities.
(b) GEICO.
(c) Washington Post.
(d) IBM.

3. Buffett's Graham group, his inner circle, met:
(a) yearly.
(b) monthly.
(c) every odd year.
(d) every six months.

4. In the 1980-84 period, insurance companies:
(a) cut premiums trying to maintain market share.
(b) none of the above.
(c) stopped paying claims.
(d) stopped accepting new business.

5. When Gutfreund resigned:
(a) he was indicted.
(b) Warren Buffett stepped in as CEO.
(c) a massive fraud was uncovered.
(d) the company went out of business.

Short Answer Questions

1. Which of the following was not a reason why Warren didn't move to Southern California?

2. Salomon grew from 1955 on when they announced:

3. Which of the following is not part of Buffett's guide to selecting stocks?

4. By the 1990s, Buffett was worth:

5. What term is used to denote risk?

Short Essay Questions

1. What was Buffett's attitude about sharing his wealth with his children?

2. How does Buffett describe the difference between his public and private lives?

3. What are zero coupon bonds that were being used to finance LBO?

4. What kind of stocks did Buffett look for?

5. Why did Buiffett invest in Salomon?

6. How did Buffett learn about the Nebraska Furniture Mart?

7. What did Buffett do with his textile mills?

8. What are referred to as Buffett's sweetheart deals?

9. What was one of Buffett's biggest fears in 1980?

10. What was the outcome of the government case against Salomon?

(see the answer keys)

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