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This quiz consists of 5 multiple choice and 5 short answer questions through Accounting Policy and Tax Matters.

Multiple Choice Questions

1. Berkshire Hathaway's insurance companies maintained how many permanent common stock holdings?
(a) Ten.
(b) Three.
(c) Five.
(d) Four.

2. A __________ was something that Buffett and Munger believed was valuable to inform businesses owners of the year's business growth.
(a) Business report.
(b) Business gathering.
(c) Business forum.
(d) Business trade show.

3. Popular theory at the time said that the market was totally efficient at _________ investment.
(a) Purchasing.
(b) Value.
(c) Scattered.
(d) Pricing.

4. On the other hand, a zero bond may not require _________, but can be satisfied with pay in kind bonds.
(a) Cashouts.
(b) Legal help.
(c) Interest payments.
(d) Papers.

5. Essays are from __________ that Buffett prepared for and wrote for Berkshire shareholders.
(a) Personal notes.
(b) Seminars.
(c) Trainings.
(d) Annual reports.

Short Answer Questions

1. Buffett and Munger now believed that the substantial economic _________ far exceeded the book value of Berkshire.

2. What was the one thing that Munger and Buffett would not address in their question sessions?

3. Buffett started to buy _____ businesses at good prices instead of buying good businesses at fair prices.

4. The goal of the partners was to maximize the real economic benefits, not just the number of ___________.

5. What was NOT one of the elements listed in the elements of arbitrage in the book?

(see the answer key)

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