Q: Retained earnings: Select one: a. Represent the earnings the company has kept in the business for the current year b. Are not necessary in the growth of a company c. Are not important in determing if a company has a durable competitive advantage d. Represent the earnings the company has kept in the business since their inception Q: The debt to shareholders' equity ratio is: Select one: a. Is adjusted by Buffett by adding treasury stock to shareholders' equity b. Is adjusted by Buffett by subtracting treasury stock from shareholders' equity c. Has historically been used to evaluate the efficiency of a company's operations d. Is not used in Buffett's analysis Q: The difference between common stock and preferred stock is: Select one: a. Common stockholders have the right to a fixed dividend b. Preferred stockholders elect the board of directors c. Common stockholders elect the board of directors d. Common stock is considered more like debt than preferred stock