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

2. Buffett's ______ years of experience cause him to think that efficient times in the market do not constitute an efficient market.
(a) 15.
(b) 63.
(c) 50.
(d) 30.

3. Buffett's wealth was solely in _________ stock, investing and reinvesting dividends on its proportional increase per share market value over time.
(a) Wells Fargo.
(b) Coca-Cola.
(c) GEICO.
(d) Berkshire.

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

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

Short Answer Questions

1. What was the stock market value of the company in #49 when it was first purchased by Buffett?

2. What was the name of the bond holdings that Buffett added to Berkshire in 1989?

3. Which state was Buffett worried about in terms of its ability to create good investments for his company?

4. Berkshire's board included a controlling ________, in which other board members could persuade others to make changes.

5. Buffett noted that a CEO had no direct ______ or clear standards of performance, making even under performing ones able to continue working.

Short Essay Questions

1. How did Buffett and Munger buy public companies, according to the book's details?

2. How did Buffett begin to promote the zero-coupon bonds from Berkshire, though it was complicated to do so?

3. What were the five different categories from which Buffett can select his investments?

4. What did Buffett decide to do in order to create a meeting in which business owners would be informed about the year's business growth and development?

5. What did Buffett and Munger invest based upon, instead of price quotes?

6. What was the concept of fallen angels, according to Buffett's lessons about investing?

7. What did Buffett and Munger prefer to do when they invested in a company?

8. What were some of the companies included in the purchases of Berkshire Hathaway under Munger and Buffett?

9. What was the long-term economic goal of the directors investing in the Berkshire company?

10. What is the content of this book often used for, according to the author?

(see the answer keys)

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