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

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

3. The mill site is strategically situated _______________ where the Pennsylvania, Baltimore and Ohio railroad and river transportation system is readily available, nearby the coal fields.
(a) At the Monongahela.
(b) At the Allegheny.
(c) At the Potomac.
(d) At the Ohio River.

4. Holley's pre-production estimates and Shinn's voucher system provides Carnegie's Edgar Thomson Works with accurate profitability in its ________ month of operation.
(a) Fourth.
(b) Third.
(c) Second.
(d) First.

5. The partners want Frick to exercise power without Carnegie. Why?
(a) He has good ideas for growth in the company.
(b) He is easier to manipulate than Carnegie.
(c) He is more likely to keep wage costs down.
(d) He is more trustworthy than Carnegie.

6. The Cyclops and Union Mills merger reduces time and labor cost of moving material and eliminates middlemen by _________ integration.
(a) Vertical.
(b) Circular.
(c) Repetitive.
(d) Horizontal.

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

8. 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) Reduced prices and increased profitability.
(c) Reduced prices and reduced profitability.
(d) Increased prices and increased profitability.

9. In __________, Carnegie has the most modern operation.
(a) 1875.
(b) 1878.
(c) 1879.
(d) 1880.

10. American capitalism and democracy conflict in the fear that economic justice requires what?
(a) An inactive government.
(b) Small government.
(c) No government.
(d) An active interventionist role for government.

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

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

13. Captain Bill Jones claims success in managing labor by doing what?
(a) Keeping crews "judiciously separated."
(b) Raising the crews' salaries.
(c) Keeping crews "judiciously mixed."
(d) Firing the instigators in the crew.

14. Carnegie's pace of ___________ replacement needs continuous reinvestment of profits to the exclusion of significant dividend payments.
(a) Equipment.
(b) Policy.
(c) Employee.
(d) Management.

15. He follows a policy of putting all his eggs in the same basket and doing what?
(a) Forgetting about it.
(b) Ignoring it.
(c) Worrying about it.
(d) Watching it.

Short Answer 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.

2. Who rescues Merritt's Mesabi Range from bankruptcy?

3. The 1893 depression is caused by what?

4. Frick shares Carnegie's vision and drive but is self-righteous and lacks what?

5. Their deal demonstrates the power of what?

(see the answer keys)

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