Congratulations to those who took our Summer Kickoff Quiz. Hopefully, you had some fun.
Bernard Golden is our winner. He'll get a TheStreet.com sweatshirt as well as an autographed copy of Jim Cramer's
. Thanks to all for playing.
Now, here are the answers.
1. Why did Patrick Avery resign from his job as president of fertilizer supplier
A. He felt ashamed after missing Wall Street profit estimates.
B. He slipped on some dung in his office and had to leave for medical reasons.
C. He lied about his education on his resume.
D. He wanted to shovel a different kind of fertilizer on Capitol Hill.
Answer: C. Patrick Avery resigned from the company after it came to light that he lied about his education. He previously claimed he had degrees from the University of Colorado and Loyola Marymount University but in truth owned a diploma from neither.
2. In February,
rejected an iPhone application from which animated comedy series?
Hong Kong Phooey
Answer: A. Apple rejected an iPhone application from the Emmy Award-winning series
, calling its content "potentially offensive."
set a record in March when it recorded the largest corporate quarterly loss in history. How much red ink did AIG bleed in the fourth quarter?
A. $57.5 billion
B. $61.7 billion
C. $101 billion
D. $75 million
Answer: B. Congratulations AIG. You set a record with a $61.7 billion quarterly loss. Take a bow.
4. In a desperate bid to save itself, troubled automaker
announced a partnership with which of the following vehicle companies in April:
Big Wheel division
Answer: D. Executives for GM and electric scooter specialist Segway announced a joint venture to develop a two wheeled, two-seat vehicle designed to be an alternative to automobiles.
2008 annual report, released in March, Warren Buffett disclosed he sold more than $37 billion worth of equity put-option contracts covering the
. Which of the following terms has the Oracle of Omaha
used to describe derivatives:
A. financial weapons of mass destruction
B. time bombs
D. more fun to play with than firecrackers
Answer: D. Buffett dabbles in derivatives despite his own warnings. He does not consider them more fun to play with than M-80s.
6. In April, it was revealed that
CEO Aubrey McClendon's total 2008 compensation came to $112.5 million. How much did Chesapeake's stock rise or fall last year?
A. Up 58%
B. Down 58%
C. Up 85%
D. Down 85%
Answer: B. Chesapeake Energy shares fell 58% in 2008. McClendon, however, had a much better year.
Bank of America
shareholders voted in April to strip Ken Lewis of which of the following titles:
A. chief executive officer
B. chairman of the board
C. CTO (Chief TARP Officer)
D. president, Merrill Lynch Fan Club
Answer: B. Ken Lewis lost his chairman title but kept his CEO title. For now.
8. The European Union smacked
in May with a record fine of 1.06 billion euros ($1.45 billion), saying that the company broke antitrust laws by blocking
Advanced Micro Devices
from selling computer chips. Which of the following parties will pocket Intel's record fine?
A. Advanced Micro Devices
B. Millions of European consumers
C. The European Union's bureaucracy
D. The League of Extraordinary Gentlemen
Answer: C. Intel will be ponying up the money. But the European Union will be the recipient, not the "millions of European consumers" they say they are supposedly protecting.
9. After scrapping an employee outing to Las Vegas in February in response to public furor over excessive spending by government-backed banks,
CEO John Stumpf attacked the press in full-page advertisements in
The New York Times
The Wall Street Journal
. Stumpf said the media incorrectly characterized every "employee-recognition event" as which of the following:
D. only for highly paid executives
E. all of the above
F. none of the above
Answer: E. Instead of simply giving cash bonuses to his employees, Stumpf paid hundreds of thousands of dollars to buy ads bemoaning his treatment in the press.
CEO Vince McMahon challenged the owner of the NBA's Denver Nuggets, Stan Kroenke, in May to what kind of wrestling match after learning Kroenke booked an NBA playoff game on the same night as a WWE wrestling event:
A. lumberjack match
B. loser-leave-town match
C. steel-cage match
D. ladder match
Answer: C. McMahaon challenged Kroenke to a steel-cage match. In the end, however, the WWE moved the event to Los Angeles.
Before joining TheStreet.com, Gregg Greenberg was a writer and segment producer for CNBC's Closing Bell. He previously worked at FleetBoston and Lehman Brothers in their Private Client Services divisions, covering high net-worth individuals and midsize hedge funds. Greenberg attended New York University's School of Business and Economic Reporting. He also has an M.B.A. from Cornell University's Johnson School of Business, and a B.A. in history from Amherst College.