Andrew Carnegie and the Rise of Big Business Test | Mid-Book Test - Medium

Harold C. Livesay
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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. Carnegie's ideas about machines, individual success and the American political system contribute to the development and growth of what?
(a) The industrial economy.
(b) The digital Economy.
(c) The market based economy.
(d) The barter economy.

2. What demand adequate cash flow and net income for operating expenses and a dividend sufficient to maintain and attract capital to grow?
(a) Organizational skills.
(b) Sales skills.
(c) Railroad management skills.
(d) Railroad technology skills.

3. Carnegie rises from bobbin boy at __________ per week in 1850 to railroad superintendent at $2,400 per year in 1865.
(a) $0.12.
(b) $12.00.
(c) $120.00
(d) $1.20.

4. Carnegie uses a similar strategy to exit the Woodruff Company by reorganizing it into ________________ with new stockholders and the triumvirate unstated.
(a) The Cross Continental Company.
(b) The Union Transport Company.
(c) The Atlantic Pacific Company.
(d) The Central Transportation Company.

5. Carnegie perfects business techniques to transform an iron and steel industry comprised of many small producers into what for the first time?
(a) Big business.
(b) Government-controlled business.
(c) No business.
(d) Small business.

Short Answer Questions

1. He forms an informal investing ____________ with Thomson and Scott.

2. Within _______ years of arriving in America, the Carnegies recoup their fortune through the help of their friends, relatives, and countrymen in America and earn more income that they ever received in Scotland.

3. Andrew's opportunity to escape the coal and oil of textile mills comes through _________ asking him to become a messenger boy with a telegraph company in Pittsburgh.

4. A typical pattern in the ____________ century is that a community builds up around a few pioneers who leave their homeland and then encourage friends and relatives to join them.

5. Carnegie, acting under Scott-Thomson proxies, now owns how much of Pacific and Atlantic for the start-up Keystone Telegraph?

Short Essay Questions

1. What happens on July 15, 1848?

2. How does industry benefit from Carnegie?

3. What characterizes America? To what does this refer?

4. What agreement is made between the triumvirate and James L. Shaw?

5. Give an example of how the size and complexity of a railroad business requires creation of bureaucratic organization, structure, and policy to fit the needs.

6. Carnegie's interest and insistence on cost-cutting leads him into more complex areas of manufacturing detail composition and chemistry. Give an example of this.

7. What does Schwab do for the business?

8. Why does Andrew not help Tom Scott? What are the effects of this decision?

9. Describe the Pennsylvania Railroad in 1865.

10. Describe Carnegie's partners at this time.

(see the answer keys)

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