Andrew Carnegie and the Rise of Big Business Test | Mid-Book Test - Easy

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

Multiple Choice Questions

1. Coleman wants to raise the price of oil by doing what?
(a) Raising his workers' salaries.
(b) Hoarding supply.
(c) Raising the cost of shipping.
(d) Raising his own salary.

2. Thirteen year-old Andrew sees his father fail while admiring whose determination to rise above it?
(a) His uncle's.
(b) His mother's.
(c) His brother's.
(d) His aunt's.

3. In 1863, his investments pay $45,460 and by 1868, he receives __________ per year for an investment of $817 that he borrows to make.
(a) $561.
(b) $56,110.
(c) $5,610.
(d) $561,100.

4. Railroad receipts increase from $40 million in 1851 to _____________ fifteen years later in 1867.
(a) $334 million.
(b) $3 billion.
(c) $34,000.
(d) $3.4 milion.

5. Railroads link Pittsburgh to the Atlantic coast and eventually to the Pacific coast, with the _______________ the best of them all.
(a) BNSF Railway Company.
(b) Pennsylvania Railroad.
(c) Union Pacific.
(d) CSX Corporation.

6. The size and complexity of a railroad business requires creation of bureaucratic organization, structure, and what else?
(a) Benefits for workers.
(b) A union.
(c) Policy to fit the needs.
(d) A hiring process.

7. _____________ is the focal point that straddles the east-west route where the Monongahela and Allegheny rivers join at the Ohio River.
(a) Youngstown.
(b) Cleveland.
(c) Philadelphia.
(d) Pittsburgh.

8. Carnegie, acting under Scott-Thomson proxies, now owns how much of Pacific and Atlantic for the start-up Keystone Telegraph?
(a) One eighth.
(b) One half.
(c) One fourth.
(d) One third.

9. When his father dies in 1855, Andrew calls him what?
(a) An embarrassment.
(b) A loser.
(c) A man of the world.
(d) A man not of the world.

10. Although Andrew dislikes the tedium, smells and hours, he works in another textile mill until what?
(a) He gets injured.
(b) He gets a college scholarship.
(c) He gets promoted to a management position.
(d) He gets an office opportunity in accounting.

11. Railroads need huge amounts of what to construct track and more as they expand?
(a) Trust.
(b) Capital.
(c) Technological understanding.
(d) Equipment.

12. How many people immigrate from the Old to the New World to embed the dream into an image of America far stronger than the success of a few like the Guggenheims and Vanderbilts?
(a) Tens of thousands.
(b) Tens of millions.
(c) Hundreds.
(d) Tens of billions.

13. Andrew Carnegie's last bond financing sale comes in July, _______ when he sells $6 million in bonds to Sulzbach Brothers, who buy bonds reluctantly, with Carnegie's encouragement.
(a) 1882.
(b) 1872.
(c) 1902.
(d) 1892.

14. James L. Shaw of the Pacific and Atlantic Telegraph Company offers to buy how many shares of Keystone at three times its value, or $150,000?
(a) One thousand.
(b) Ten thousand.
(c) One hundred thousand.
(d) One million.

15. He leaves his Pittsburgh home and iron business to live in what city?
(a) Detroit.
(b) Boston.
(c) New York City.
(d) Los Angeles.

Short Answer Questions

1. A new competitor, ________________ , decides a lavishly decorated "rolling palace" may have an edge, and by 1867 he has forty-eight in service.

2. When dividend payments stop, Carnegie plans a ________ exit to maximize Pacific's price by speculation that lets the triumvirate cash out and leave the remaining Pacific stockholders to drown.

3. From 1867 through 1872, Andrew Carnegie joins the expansion trend by manipulating what stock to promote $30 million in stocks and bonds in Europe?

4. Andrew's job delivering telegraph messages puts him in touch with whom?

5. Carnegie uses a similar strategy to exit the Woodruff Company by reorganizing it into ________________ with new stockholders and the triumvirate unstated.

(see the answer keys)

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