|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. Beginning in 1872, Carnegie focuses on the single project of his steel-rail rolling mill that is completed in _________.
2. William Coleman also shares Carnegie's interest and enthusiasm in what?
3. Carnegie pressures management and Frick resigns again. Is his resignation accepted?
(a) Only later.
(c) Not at first.
4. Schwab cuts $500,000 in costs at Homestead by __________________ and replacing skilled labor with machines and unskilled workers.
(a) Cutting 25 percent from wages.
(b) Adding 25 percent to wages.
(c) Cutting 15 percent from wages.
(d) Adding 15 percent to wages.
5. Carnegie is praised by labor leaders and Frick is considered _____________.
(a) "A hero."
(b) "Carnegie's assistant."
(c) "Haughty and disdainful."
(d) "Strange and righteous."
6. 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) Increased prices and reduced profitability.
(c) Reduced prices and increased profitability.
(d) Reduced prices and reduced profitability.
7. Carnegie corrects this deficiency by integrating _______________________.
(a) Sun Oil and US Oil.
(b) Pennsylvania Railroad with Pacific Union.
(c) Pullman and Woodruff.
(d) Keystone Bridge and Union Iron.
8. Cost information enables cost-cutting per unit by __________________________ at the same output level.
(a) Increasing the speed of materials flow and decreasing labor cost.
(b) Decreasing the speed of materials flow and decreasing labor cost.
(c) Increasing the speed of materials flow and increasing labor cost.
(d) Decreasing the speed of materials flow and increasing labor cost.
9. Carnegie eliminates the costly fire insurance on his wooden buildings by replacing them with what?
(a) Copper structures.
(b) Iron structures.
(c) Bronze structurse.
(d) Steel structures.
10. The start of ET construction coincides with what?
(a) The Crash of 1873.
(b) The Great Depression of 1873.
(c) Black Friday of 1873.
(d) The Panic of 1873.
11. What problems does this steel company have?
(a) Supply and labor problems.
(b) Financial and policy problems.
(c) Labor and capital problems.
(d) Management and organization problems.
12. Their deal demonstrates the power of what?
13. Specialized merchants control flow of product at every step, which _____________________.
(a) Increases costs and increases materials flow.
(b) Slows costs and increases materials flow.
(c) Slows costs and slows materials flow.
(d) Increases costs and slows materials flow.
14. Only how many of the original nine partners remain?
15. Carnegie organizes a partnership with business associates and colleagues that are confident of his success to do what?
(a) Stabilize capital.
(b) Find capital.
(c) Raise capital.
(d) Lower capital.
Short Answer Questions
1. Carnegie acquires _______ of the eight failing rail mills and follows an aggressive policy of price-cutting to anticipate its direction and expand sales.
2. Frick's first acquisition is _____________, which is the most modern steel mill and keeps the Carnegie Company at the forefront.
3. Phipps buys flue-cinder at fifty cents a ton and sells puddle-cinder at ________ per ton to improve Lucy furnace product and save money.
4. Phipps takes Carnegie's cost-cutting seriously by having who analyze flue and puddle cinders?
5. He installs a blast furnace called________ in 1872 to produce 13.361 tons initially and eventually over 100,000 tons annually by maximizing output.
This section contains 486 words
(approx. 2 pages at 300 words per page)