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

Harold C. Livesay
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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. In 1856, Scott advises him to buy what company as his first stock investment?

2. In following years Carnegie gets at least ___________ for a net investment of $217.50 until 1870 when he sells out.

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

4. The business is _______________ with conductors and station agents collecting millions in small coin revenue.

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

2. How do family members and friends help immigrants? How is Carnegie's family helped?

3. How does industry benefit from Carnegie?

4. What does Carnegie learn at the Pennsylvania Railroad?

5. By what is this dream not diminished?

6. What does Andrew do from 1867 through 1872?

7. What work do the Carnegies find in America?

8. What does Carnegie do when Pacific dividend payments stop?

9. How is Pittsburgh important at this time?

10. Describe the Columbia Oil Company.

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Carnegie corrects deficiencies at Cyclops, now Union Iron.

Part 1) What deficiencies exist at Cyclops? How does Carnegie correct these deficiencies? How important is his past experience when correcting these deficiencies? What do these corrections reveal or reinforce about Carnegie?

Part 2) How does this introduce rationality into pricing and a methodology for investment planning? Why is this important? How do Carnegie and his partners benefit from this?

Part 3) What can we as readers learn from Carnegie's actions surrounding his purchase of Cyclops, its initial merger with Union Iron and the final merger with Keystone Bridge Company?

Essay Topic 2

The start of ET coincides with the Panic of 1873.

Part 1) What is ET? Why is it significant that the start of ET coincides with this panic? How does this affect Carnegie, his partners, and the investors?

Part 2) How does Carnegie deal with this panic? What decisions does he make? How much of an impact do these decisions have on his company? What do his decisions and actions reveal and reinforce about him?

Part 3) How would you have reacted if you had lived during the Panic of 1873? Would you have been as clear-headed and forward-thinking at Carnegie? Why or why not?

Essay Topic 3

Carnegie and George Pullman make "The Pullman Palace Car Company" a joint venture.

Part 1) How does this joint venture come about? Is this a good decision for both men? Why or why not? What does this joint venture reveal about both Carnegie and Pullman?

Part 2) How does this venture affect the triumvirate? How does it affect other stockholders? How does it lead to the end of stock speculation? How does this end of speculation lead Carnegie in a new direction?

Part 3) Think of two companies you admire or whose products you enjoy. What would it be like if they joined forces? How would this joint venture affect them? How would it affect customers like yourself?

(see the answer keys)

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