1. Pooling overcame the deficiency of ____________ amortization in a merger, which was really a purchase.
(a) Promised.
(b) Peaceful.
(c) Goodwill.
(d) Projected.

2. Buffett and Munger did not operate a strategic plan for __________ but compare opportunities against passive investments.
(a) Reports.
(b) Stockholders.
(c) Buyouts.
(d) Acquisitions.

3. What was coined as the term for the amount of undiscovered embezzlement?
(a) Bonding.
(b) Bezz.
(c) Bezzle.
(d) Embezzling.

4. Who did Buffett authorize to use the essays in the book to popularize the teachings and Buffett's own implementation of the teachings?
(a) No one.
(b) Munger.
(c) Cunningham.
(d) Smith.

5. Berkshire might evolve into a _______ form of board situation, upon Buffett's death, according to the book.
(a) Third.
(b) Fourth.
(c) Dissolved.
(d) Second.

Short Answer Questions

1. In the past, the distinction between economic and accounting goodwill was insignificant when Buffett sought firms with tangible _______, rather than firms relying on economic goodwill.

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

3. What was the title of Buffett in relation to his company?

4. What was the piece of advice that Buffett took to heart from the athlete?

5. A company might consider repurchasing _______ when it has available funds that are above long-term needs.

(see the answer key)

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