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This quiz consists of 5 multiple choice and 5 short answer questions through Corporate Governance.

Multiple Choice Questions

1. Buffett and Munger saw themselves as general _______ responsible to other shareholders.
(a) Managers.
(b) Guides.
(c) Partners.
(d) Professors.

2. Berkshire's board included a controlling ________, in which other board members could persuade others to make changes.
(a) Outsider.
(b) Competitor.
(c) Shareholder.
(d) Owner.

3. Confusing ________ requirements were offset by the partners' willingness to report look-through earnings.
(a) Tax.
(b) Stock.
(c) Market.
(d) Accounting.

4. The partners considered a lesser interest if the ________ price was less than what it would be for 100%.
(a) Pro-biotic.
(b) Pro-rate.
(c) Pro-rata.
(d) Pro-management.

5. _________ were often unwilling to discuss the business issues during meetings.
(a) The salespeople.
(b) Shareholders.
(c) The board members.
(d) Managers.

Short Answer Questions

1. The intrinsic business value goal was reached by ________, preferably 100% ownership of diverse business firms generating cash and above-average returns on capital.

2. Buffett and Munger both opposed any selective ________ and predictive growth rates from the CEOs who reported them.

3. Who was the financial mentor that Buffett relied upon for his teachings and lessons about the way to do business?

4. The content of the book was often used as a standard text at the Cardozo School of __________.

5. Substantial equity interest was NOT owned by one of the following companies.

(see the answer key)

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