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. 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.
(a) $3.
(b) $2.
(c) $4.
(d) $1.

2. What firms are formed and the Gilded Age develops in New York?
(a) Retail and mercantile.
(b) Restaurants and fast food chains.
(c) Technology and communication.
(d) Bank and credit unions.

3. Carnegie is praised by labor leaders and Frick is considered _____________.
(a) "A hero."
(b) "Haughty and disdainful."
(c) "Carnegie's assistant."
(d) "Strange and righteous."

4. Carnegie hires the expert ____________ to put the Bessemer program in place and function as its works superintendent.
(a) J. Edgar Hoover.
(b) Alexander Holley.
(c) John D. Rockefeller.
(d) Tom Scott.

5. Phipps buys flue-cinder at fifty cents a ton and sells puddle-cinder at ________ per ton to improve Lucy furnace product and save money.
(a) $2.50.
(b) $3.50.
(c) $0.50.
(d) $1.50.

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

7. By 1892, Carnegie is in ______________ and leaves labor issues to Frick.
(a) Ireland.
(b) Wales.
(c) England.
(d) Scotland.

8. A second dimension necessary to effect this integration is the implementation of what system?
(a) Accountability.
(b) Democratic.
(c) Welfare.
(d) Benefits.

9. Carnegie leases the iron ore properties from this man. Why?
(a) To retire slowly from the industry.
(b) To make him a partner.
(c) To keep him happy.
(d) To keep him out of the steel business.

10. They make a deal that is considered what?
(a) Carnegie's most surprising decisions.
(b) Carnegie's greatest achievement.
(c) Carnegie's least important achievement.
(d) A poor decision.

11. Productive staff is rewarded and non-productive staff is ___________.
(a) Eliminated.
(b) Abused.
(c) Punished.
(d) Ignored.

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

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

14. Carnegie tries to use public relations, legislative action and threatens who to drive shipping costs down?
(a) A competitor in the steel industry.
(b) A competitor railroad.
(c) The unions.
(d) John D. Rockefeller.

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

Short Answer Questions

1. Carnegie's methods in steel concentrate what?

2. The 1878 Thomas process of lime-lining the heating vessel to eliminate phosphorous is acquired by Carnegie and sold to who two years later?

3. Carnegie forces another _____________ partners out until only Schwab survives, while bringing in "young geniuses" who prove their merit on cost sheets.

4. One of the country's largest banking houses Jay Cooke's collapses, credit structures tumble and _____________ businesses fail in a year.

5. Carnegie feels confident enough in 1870 to do what?

(see the answer keys)

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