|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. Carnegie is praised by labor leaders and Frick is considered _____________.
(a) "A hero."
(b) "Carnegie's assistant."
(c) "Strange and righteous."
(d) "Haughty and disdainful."
2. Cost information enables cost-cutting per unit by __________________________ at the same output level.
(a) Increasing the speed of materials flow and increasing labor cost.
(b) Decreasing the speed of materials flow and decreasing labor cost.
(c) Increasing the speed of materials flow and decreasing labor cost.
(d) Decreasing the speed of materials flow and increasing labor cost.
3. Carnegie's pace of ___________ replacement needs continuous reinvestment of profits to the exclusion of significant dividend payments.
4. Frick's first acquisition is _____________, which is the most modern steel mill and keeps the Carnegie Company at the forefront.
(b) Factory Steel.
(c) Duquesne Steel.
(d) U.S. Steel.
5. As mills become more efficient, the need for raw material continues with deposits from _______________________.
(a) Michigan, Wisconsin and Minnesota.
(b) New York, Pennsylvania, and Maryland.
(c) Indiana, Kentucky, and Illinois.
(d) Alabama, Alaska, and Arizona.
6. 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.
7. At thirty, Frick is a millionaire with _______ thousand coke ovens and three thousand acres of land.
8. Americans in the North have how many years of peace and prosperity as they begin to exploit American markets?
9. Who rescues Merritt's Mesabi Range from bankruptcy?
(a) John D. Rockefeller.
10. The partners want Frick to exercise power without Carnegie. Why?
(a) He is more trustworthy than Carnegie.
(b) He has good ideas for growth in the company.
(c) He is more likely to keep wage costs down.
(d) He is easier to manipulate than Carnegie.
11. American capitalism and democracy conflict in the fear that economic justice requires what?
(a) No government.
(b) An inactive government.
(c) An active interventionist role for government.
(d) Small government.
12. Carnegie's labor guidelines and Captain Bill's implementation works well until 1889 when what happens to Bill?
(a) He is killed in a blast furnace explosion.
(b) He is injured in a blast furnace explosion.
(c) He is accused of causing a blast furnace explosion.
(d) He causes a blast furnace explosion.
13. They make a deal that is considered what?
(a) Carnegie's least important achievement.
(b) Carnegie's most surprising decisions.
(c) Carnegie's greatest achievement.
(d) A poor decision.
14. Phipps sees possible gains in other operations and encourages Carnegie to hire who?
(a) A full-time conservationist.
(b) A full-time chemist.
(c) A full-time physicist.
(d) A full-time biologist.
15. Phipps buys flue-cinder at fifty cents a ton and sells puddle-cinder at ________ per ton to improve Lucy furnace product and save money.
Short Answer Questions
1. Other operating benefits like reduced inventory and less machine duplication create cost savings to enable __________________at a market-competitive rate.
2. Corruption in construction of the Union Pacific Railroad is exposed with what scandal where congressmen get railroad stock to misuse public funds?
3. Carnegie follows the successful path of building through a depression and lack of customers by ________________.
4. Phipps takes Carnegie's cost-cutting seriously by having who analyze flue and puddle cinders?
5. The 1893 depression is caused by what?
This section contains 602 words
(approx. 3 pages at 300 words per page)