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

2. 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 causes a blast furnace explosion.
(c) He is accused of causing a blast furnace explosion.
(d) He is injured in a blast furnace explosion.

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

4. Their deal demonstrates the power of what?
(a) Ingenuity.
(b) Intelligence.
(c) Strength.
(d) Size.

5. Carnegie feels confident enough in 1870 to do what?
(a) Buy new businesses.
(b) Expand the business.
(c) Make large changes in the business.
(d) Sell the business.

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

7. This approach introduces ______________ into pricing and a methodology for investment planning.
(a) Inreases.
(b) Rationality.
(c) Decreases.
(d) Practicality.

8. Corruption in construction of the Union Pacific Railroad is exposed with what scandal where congressmen get railroad stock to misuse public funds?
(a) Newport Scandal.
(b) The Hatch Act.
(c) Lawyergate.
(d) The Credit Mobilier.

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

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

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

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

13. 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.

14. 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.
(a) $4,000.
(b) $40,000.
(c) $400,000.
(d) $4 million.

15. Only how many of the original nine partners remain?
(a) Five.
(b) Three.
(c) Four.
(d) Two.

Short Answer Questions

1. Along with Shinn, they put together an effective team based on Carnegie's systematic analysis of personnel to provide performance incentives that raise __________ men through ranks to share ownership.

2. Rich and poor are impacted when even Tom Scott faces ruin and disgrace from Texas Pacific Railroad default unless what happens?

3. Carnegie organizes a partnership with business associates and colleagues that are confident of his success to do what?

4. Frick's first acquisition is _____________, which is the most modern steel mill and keeps the Carnegie Company at the forefront.

5. Henry Phipps reviews blast furnace operations where flue-cinders are thrown away. What happens to puddling furnace cinders?

(see the answer keys)

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