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. Railroads link Pittsburgh to the Atlantic coast and eventually to the Pacific coast, with the _______________ the best of them all.

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

3. The size and complexity of a railroad business requires creation of bureaucratic organization, structure, and what else?

4. Andrew Carnegie becomes known as the city's best _____________.

5. Business transactions at the time take place over what type of communication?

Short Essay Questions

1. The partners pledge an investment to be made in installments paid when due or by the company as credit for dividends payable on the whole investment. Give an example of this pledge in action.

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

3. Describe Carnegie's rise in business by 1865.

4. How does Carnegie determine he can profit from the boom in telegraphy?

5. Describe the informal investing triumvirate Carnegie formed with Thomson and Scott.

6. How is Carnegie cautious in his investments? How might this help him throughout his career?

7. By what is this dream not diminished?

8. Give an example of when Carnegie meets railroad's customers and initiates control of division operations when needed.

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

10. 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.

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Carnegie forces out all partners but Schwab and brings in "young geniuses" who prove their merit.

Part 1) Describe this forcing out of the partners except Schwab. Why is Schwab kept? How is he unique from the other partners? How might these other partners have felt about being ousted from the company? Should they have been forced out? Why or why not?

Part 2) Why does Carnegie believe that bringing in "young geniuses" is the answer to his problems? How do these "young geniuses" prove their merit? How was this decision to bring in new people beneficial to Carnegie and his company?

Part 3) How has business changed at this time? What other decisions does Carnegie make that reflect this change in the steel business? How are these decisions and actions significant?

Essay Topic 2

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?

Essay Topic 3

Andrew escapes the coal and oil of textile mills.

Part 1) How does he escape? To where does he escape? How does he benefit from this? How do his experiences in these mills influence him?

Part 2) How important are his early careers to his life as a capitalist and then as entrepreneur? How does he use the knowledge he gains throughout his life in his career decisions? How does he benefit from doing this?

Part 3) How might your own work experiences influence you as an adult in the work force? What experiences have already occurred in your life that will be beneficial in the future?

(see the answer keys)

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