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

2. 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) Second.
(b) First.
(c) Third.
(d) Fourth.

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

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

5. Other operating benefits like reduced inventory and less machine duplication create cost savings to enable __________________at a market-competitive rate.
(a) Increased prices and increased profitability.
(b) Reduced prices and increased profitability.
(c) Increased prices and reduced profitability.
(d) Reduced prices and reduced profitability.

6. At thirty, Frick is a millionaire with _______ thousand coke ovens and three thousand acres of land.
(a) Four.
(b) Two.
(c) One.
(d) Three.

7. However, by 1881, a competitor Homestead has the most modern equipment, but is plagued by what problems for two years?
(a) Labor.
(b) Management.
(c) Organizational.
(d) Financial.

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

9. At the age of ___________ Carnegie finds a wife for his home, a business successor and considers retirement.
(a) Fifty.
(b) Fifty-four.
(c) Forty.
(d) Sixty.

10. He installs a blast furnace called________ in 1872 to produce 13.361 tons initially and eventually over 100,000 tons annually by maximizing output.
(a) "Larry."
(b) "Lenny."
(c) "Luke."
(d) "Lucy."

11. Carnegie hires Captain Bill Jones to raid whose staff where they worked together before its strike to run ET?
(a) Cambria mill's.
(b) Cambria heights'.
(c) Cambria pines'.
(d) Cambria font's.

12. Rich and poor are impacted when even Tom Scott faces ruin and disgrace from Texas Pacific Railroad default unless what happens?
(a) A miracle occurs.
(b) The economy improves.
(c) His friend Andrew Carnegie endorses the note.
(d) He can sell stock.

13. Tom Miller is a _________ man who forms joint ventures with Carnegie in several small investments. They form Freedom Iron Company of Lewiston Pennsylvania in 1861 that Carnegie restructures into Freedom Iron and Steel to retool for the Bessemer process in 1866.
(a) Automobile.
(b) Technology.
(c) Railroad.
(d) Industrial.

14. Carnegie follows the successful path of building through a depression and lack of customers by ________________.
(a) Driving costs and output down.
(b) Driving costs down and increasing output.
(c) Increasing costs and decreasing output.
(d) Increasing costs and output.

15. The start of ET construction coincides with what?
(a) Black Friday of 1873.
(b) The Great Depression of 1873.
(c) The Panic of 1873.
(d) The Crash of 1873.

Short Answer Questions

1. Productive staff is rewarded and non-productive staff is ___________.

2. Carnegie is praised by labor leaders and Frick is considered _____________.

3. Carnegie pressures management and Frick resigns again. Is his resignation accepted?

4. 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.

5. Carnegie acquires _______ of the eight failing rail mills and follows an aggressive policy of price-cutting to anticipate its direction and expand sales.

(see the answer keys)

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