|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. The industrial economy is crippled with some __________________ firms failing over six years.
2. He installs a blast furnace called________ in 1872 to produce 13.361 tons initially and eventually over 100,000 tons annually by maximizing output.
3. At the age of ___________ Carnegie finds a wife for his home, a business successor and considers retirement.
4. From 1872 through ________, Carnegie builds an integrated industrial business to become the best-known manufacturer in the world, publishes three books, travels around the world, and becomes a philanthropist with the express intent to give away his fortune.
5. 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.
6. Carnegie sells _____________ bonds to Junius Morgan in London to complete construction of the Edgar Thomson Works in 1875, and saves 25 percent in costs from the depression.
(d) $4 million.
7. At thirty, Frick is a millionaire with _______ thousand coke ovens and three thousand acres of land.
8. Carnegie leases the iron ore properties from this man. Why?
(a) To keep him out of the steel business.
(b) To keep him happy.
(c) To make him a partner.
(d) To retire slowly from the industry.
9. Other operating benefits like reduced inventory and less machine duplication create cost savings to enable __________________at a market-competitive rate.
(a) Reduced prices and reduced profitability.
(b) Reduced prices and increased profitability.
(c) Increased prices and reduced profitability.
(d) Increased prices and increased profitability.
10. 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.
11. A second dimension necessary to effect this integration is the implementation of what system?
12. Carnegie's insistence on knowing the costs continues for his _______________ years in the steel business.
13. 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.
14. When the state legislature creates a limited partnership in ____________, Carnegie, McCandless immediately restructures into the Edgar Thomson Steel Company, Limited.
15. Phipps takes Carnegie's cost-cutting seriously by having who analyze flue and puddle cinders?
(a) A biologist.
(b) A conservationist.
(c) A physicist.
(d) A chemist.
Short Answer Questions
1. In __________, Carnegie has the most modern operation.
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.
3. Carnegie's methods in steel concentrate what?
4. Carnegie forms an enterprise to manufacture Bessemer steel as he changes from ________________.
5. Carnegie pressures management and Frick resigns again. Is his resignation accepted?
This section contains 487 words
(approx. 2 pages at 300 words per page)