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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. Who handled Berkshire's investments:
(a) Buffett and Bill Scott.
(b) Charlie Munger.
(c) Buffett alone.
(d) his staff of fourteen traders.

2. Which investment banking firm did Buffett invest in?
(a) J.P. Morgan.
(b) Merrill Lynch.
(c) Smith Barney.
(d) Salomon.

3. Berkshire was most active in:
(a) promoting auto insurance.
(b) door to door policy selling.
(c) business insurance.
(d) reinsurance.

4. By the 1990s, Buffett was worth:
(a) $250 million.
(b) $620 million.
(c) $500 million.
(d) $1 billion.

5. Why did Buffett refuse to financially support his adult children?
(a) he had other uses for his money.
(b) he was too cheap.
(c) he wanted them to lead normal, independent lives.
(d) he was angry with them.

Short Answer Questions

1. Buffett's Graham group, his inner circle, met:

2. When Gutfreund resigned:

3. Soon after Buffett arrives in New York, he learns that:

4. Which of the following was not one of the permanent three in Berkshire's portfolio?

5. How many people worked at Berkshire's world headquarters:

Short Essay Questions

1. What stock did Buffett begin purchasing in 1988?

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

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

4. What did Buffett do with his textile mills?

5. What was one of the first things Buffett did at Salomon?

6. Why wasn't Buffett adversely affected by the insurance market problems in 1985?

7. What did Susie do at the age of forty five?

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

9. What were Buffett's views on hostile takeovers?

10. How many people are employed at Buffett's world headquarters?

(see the answer keys)

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