|Name: _________________________||Period: ___________________|
This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.
Multiple Choice Questions
1. Henry Phipps reviews blast furnace operations where flue-cinders are thrown away. What happens to puddling furnace cinders?
(a) They are used in the blast furnace.
(b) They cause pollution.
(c) They are thrown away.
(d) They are destroyed.
2. Carnegie acquires _______ of the eight failing rail mills and follows an aggressive policy of price-cutting to anticipate its direction and expand sales.
3. At the age of ___________ Carnegie finds a wife for his home, a business successor and considers retirement.
4. 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.
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.
Short Answer Questions
1. By 1892, Carnegie is in ______________ and leaves labor issues to Frick.
2. 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.
3. 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.
4. Phipps buys flue-cinder at fifty cents a ton and sells puddle-cinder at ________ per ton to improve Lucy furnace product and save money.
5. Specialized merchants control flow of product at every step, which _____________________.
Short Essay Questions
1. Describe American steel companies between 1870 and 1900.
2. What does Phipps suggest to Carnegie? How does Carnegie benefit from this?
3. Why does Carnegie hire Alexander Holley?
4. Describe Carnegie's replacement of equipment.
5. How does Carnegie benefit from cutting costs?
6. What venture is formed between Tom Miller and Carnegie?
7. How does Carnegie rely on the McCallum system?
8. Describe Carnegie's partners at this time.
9. What does Schwab do for the business?
10. Describe the deficiency that Carnegie corrected by integrating Keystone Bridge and Union Iron?
This section contains 964 words
(approx. 4 pages at 300 words per page)