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. Carnegie uses a similar strategy to exit the Woodruff Company by reorganizing it into ________________ with new stockholders and the triumvirate unstated.
(a) The Union Transport Company.
(b) The Atlantic Pacific Company.
(c) The Central Transportation Company.
(d) The Cross Continental Company.

2. Pennsylvania Railroad buys from the Woodruff venture and offers what when borrowing?
(a) The credibility of a "big corporation."
(b) A great deal of collateral.
(c) A discount on shipping.
(d) The credibility of a "strong corporation."

3. Scott and Thomson like the Woodruff Sleeping Car Company that owns patents in 1858 but lacks what?
(a) Intelligence.
(b) Understanding of this business.
(c) Financial backing.
(d) The courage and business sense to develop them.

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

5. Carnegie proposes they cooperate rather than bid against each other and suggests what be the joint venture?
(a) "The Pullman Palace Car Company."
(b) "The Carnegie Car Company."
(c) "The Pullman-Carnegie Car Company."
(d) "The Pullman Sleeper Car Company."

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

7. 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) Ten thousand.
(b) One hundred thousand.
(c) One million.
(d) One thousand.

8. By ________, the Pennsylvania Railroad runs 3,500 miles of track with 30,000 employees and $61 million invested.
(a) 1870.
(b) 1860.
(c) 1865.
(d) 1875.

9. Carnegie presents the bonds to the Morgan investment banking house in London in March, 1869, where he sells them to Morgan at what percent?
(a) 65.
(b) 55.
(c) 75.
(d) 85.

10. Carnegie's career begins on July 15, 1848, when he and his family, parents Will, Margaret and his brother Tom, do what?
(a) Sail from Spain with fellow Spanish passengers.
(b) Sail from France with fellow French passengers.
(c) Sail from Great Britain with fellow Irish passengers.
(d) Sail from Great Britain with fellow Scottish passengers.

11. Scot Andrew Carnegie became what?
(a) The scariest man in the world.
(b) The laziest man in the world.
(c) The most powerful man in the world.
(d) The richest man in the world.

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

13. Carnegie uses $11,000 in Woodruff dividends to buy 1,100 shares that pay $17,800 in their first year and eventually over _________ dollars.
(a) Two million.
(b) Two hundred thousand.
(c) A thousand.
(d) A million.

14. Carnegie's ideas about machines, individual success and the American political system contribute to the development and growth of what?
(a) The barter economy.
(b) The industrial economy.
(c) The digital Economy.
(d) The market based economy.

15. During the nineteenth century American railroads are financed by bonds with over ____ percent of their earnings used to pay bond interest.
(a) 20.
(b) 50.
(c) 30.
(d) 40.

Short Answer Questions

1. Managerial skill level reached over ______________ years exceeds that of the prior five centuries.

2. The Carnegies stay in their homeland as long as they can until conditions become intolerable in what town?

3. Carnegie's first dividend check for ________ opens a whole new world of receiving cash from capital.

4. The size and complexity of a railroad business requires creation of bureaucratic organization, structure, and what else?

5. 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.

(see the answer keys)

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