Booyah Breakdown: Back to School

Editor's note: Welcome to "Booyah Breakdown," an explanation of certain terms and topics Jim Cramer discusses on his "Mad Money" TV show. Feel free to ask a question if you're confused about something Cramer talks about, but please keep in mind that we do not provide advice on specific stocks.

As the summer flies by, parents start counting the days until school starts. Kids, on the flipside, dread the thought that the summer is ending and that they'll soon have to get up early, sit at a classroom desk for five hours a day and spend the remainder of their afternoons doing -- gulp -- homework.

Granted, no one likes homework, but if you ever want to get out of high school, you've got no choice.

And if want your stock portfolio to perform at Harvard-quality levels, Cramer insists you do your stock homework as well. That means understanding all the nuances of the companies you choose to invest in. Just like you wouldn't just give your hard-earned money to a financial adviser without scrutinizing his track record, you shouldn't give your money to a company's management team without doing the same due diligence.

But while we all realize portfolio homework is a requirement, many of you just don't know how to do it.

So get out your assignment pads and write this down. We're giving out homework assignments!

Cramer suggests you do an hour of homework a week on each stock. So first ask yourself if you have that kind of time. If you don't, stop reading and go hire an adviser.

If you're up for the challenge, let's go.

We've divided your homework into two parts: the assignments that must be completed before you buy a stock and the weekly assignments once you own it.