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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. The permanent holdings at Berkshire were those that Buffett and Munger decided to keep, no matter what the _________ offered.
(a) Name.
(b) Options.
(c) Value.
(d) Price.

2. Buffett is proud that ____% of the shares outstanding at the end of each year were held by the same shareholders.
(a) 98.
(b) 90.
(c) 50.
(d) 99.

3. Buffett and Munger both opposed any selective ________ and predictive growth rates from the CEOs who reported them.
(a) Strategies.
(b) Purchases.
(c) Disclosure.
(d) Truth.

4. Which business did Munger and Buffett decide to close, despite their best efforts?
(a) Textile.
(b) GEICO.
(c) Coca-Cola.
(d) None.

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

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

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

8. When did Berkshire Hathaway begin as a textile company?
(a) Early 1900s.
(b) 1956.
(c) Early 1800s.
(d) 1967.

9. Buffett believed that many annual ________ were a waste of time for the shareholders and the management.
(a) Charts.
(b) Meetings.
(c) Updates.
(d) Reports.

10. Berkshire's long-term investment strategy to buy and to hold _______ for the long term was something that was comfortable to them.
(a) Decisions.
(b) Investments.
(c) Buildings.
(d) Stockholders.

11. What company did Buffett acquire in 1964, which he eventually grew into a large holding company?
(a) Microsoft.
(b) Textile.
(c) Wal-Mart.
(d) Berkshire.

12. Buffett and Munger promised to provide sufficient additional _______ to evaluate true results.
(a) Research.
(b) Information.
(c) Shareholders.
(d) Funding.

13. What was the stock market value of the company in #49 when it was first purchased by Buffett?
(a) $500M.
(b) $250M.
(c) $300M.
(d) $100M.

14. The _______ doesn't feel poorer when the embezzler is getting richer.
(a) Government.
(b) Market.
(c) Country.
(d) Victim.

15. In some cases, the benefits of partial ownership earnings may far outweigh the ________ acquisition cost.
(a) Market.
(b) Value.
(c) Fees and.
(d) Per-share.

Short Answer Questions

1. What was the title of Buffett's partner in the company they shared?

2. On the other hand, a zero bond may not require _________, but can be satisfied with pay in kind bonds.

3. What were the name of the bonds that were issued during WWI?

4. What was the value of the shares of the company that Buffett and his partner purchased thirty years after its purchase?

5. The market was considered a business partner with incurable _______ problems, according to the book.

(see the answer keys)

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