Andrew Carnegie and the Rise of Big Business Test | Final 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. Other operating benefits like reduced inventory and less machine duplication create cost savings to enable __________________at a market-competitive rate.
(a) Increased prices and reduced profitability.
(b) Increased prices and increased profitability.
(c) Reduced prices and reduced profitability.
(d) Reduced prices and increased profitability.

2. When Carnegie decides what furnace is more effective, he orders six more to be built immediately.
(a) A reverse-cycle system.
(b) An open-hearth.
(c) A central warm-Air furnace.
(d) A steam or hot-water system.

3. Carnegie eliminates the costly fire insurance on his wooden buildings by replacing them with what?
(a) Bronze structurse.
(b) Iron structures.
(c) Steel structures.
(d) Copper structures.

4. As mills become more efficient, the need for raw material continues with deposits from _______________________.
(a) Michigan, Wisconsin and Minnesota.
(b) Alabama, Alaska, and Arizona.
(c) New York, Pennsylvania, and Maryland.
(d) Indiana, Kentucky, and Illinois.

5. Specialized merchants control flow of product at every step, which _____________________.
(a) Slows costs and slows materials flow.
(b) Increases costs and slows materials flow.
(c) Increases costs and increases materials flow.
(d) Slows costs and increases materials flow.

6. Carnegie contributes __________ of the partnership total $741,000 in original capital to the firm he names "Carnegie, McCandless and Company" and names the mill "Edgar Thomson Works" (ET) for the first president of Pennsylvania Railroad.
(a) $250,000.
(b) $25,000.
(c) $2.5 million.
(d) $2,500.

7. Small firms operate iron furnaces to smelt ore into _______ iron.
(a) Pig.
(b) Bull.
(c) Horse.
(d) Elephant.

8. Frick's first acquisition is _____________, which is the most modern steel mill and keeps the Carnegie Company at the forefront.
(a) Duquesne Steel.
(b) NESSteel.
(c) Factory Steel.
(d) U.S. Steel.

9. Andrew needs a strong leader to manage growth after what happens to his brother Tom?
(a) He retires.
(b) He becomes ill.
(c) He dies.
(d) He moves.

10. Carnegie progresses from rolling rail to rolling structural beams and angles for bridges, skyscrapers, and ________________.
(a) Businesses.
(b) Homes.
(c) Elevated railroads.
(d) Apartments.

11. What problems does this steel company have?
(a) Labor and capital problems.
(b) Supply and labor problems.
(c) Financial and policy problems.
(d) Management and organization problems.

12. Carnegie's insistence on knowing the costs continues for his _______________ years in the steel business.
(a) Twenty.
(b) Thirty.
(c) Forty.
(d) Twenty-five.

13. Carnegie corrects this deficiency by integrating _______________________.
(a) Pennsylvania Railroad with Pacific Union.
(b) Keystone Bridge and Union Iron.
(c) Sun Oil and US Oil.
(d) Pullman and Woodruff.

14. Carnegie organizes a partnership with business associates and colleagues that are confident of his success to do what?
(a) Raise capital.
(b) Stabilize capital.
(c) Lower capital.
(d) Find capital.

15. Frick's chairmanship of the Carnegie Company marks a difficult period in its history starting with what strike in 1892 and a four year depression from 1893.
(a) Postal Worker's Strike.
(b) The Pullman Strike.
(c) The Homestead Strike.
(d) UPS Workers Strike.

Short Answer Questions

1. He follows a policy of putting all his eggs in the same basket and doing what?

2. Cost information enables cost-cutting per unit by __________________________ at the same output level.

3. At thirty, Frick is a millionaire with _______ thousand coke ovens and three thousand acres of land.

4. Carnegie's labor guidelines and Captain Bill's implementation works well until 1889 when what happens to Bill?

5. After this steel company's acquisition for _____ million bonds, Frick restructures all the related companies with Carnegie Steel Company, Limited taking over assets of Carnegie Brothers and Carnegie Phipps with a $25 million capital base, distributing to Carnegie 55 percent, Frick and Phipps both 11 percent each, 1 percent each to nineteen partners and 4 percent reserve for key staff.

(see the answer keys)

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