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 need huge amounts of what to construct track and more as they expand?

2. Carnegie presents the bonds to the Morgan investment banking house in London in March, 1869, where he sells them to Morgan at what percent?

3. In 1863, his investments pay $45,460 and by 1868, he receives __________ per year for an investment of $817 that he borrows to make.

4. Carnegie's first dividend check for ________ opens a whole new world of receiving cash from capital.

5. Will is unable to catch on to new opportunities and reverts back to weaving and selling his wares on the street, which does what?

Short Essay Questions

1. What work do the Carnegies find in America?

2. How is Pittsburgh important at this time?

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

4. Describe Carnegie's investment in Keystone Bridge Company.

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

6. What does Carnegie do in Europe?

7. Who is George M. Pullman? How do he and Carnegie become involved in business together?

8. How does Andrew benefit from his work delivering telegraph messages?

9. Describe the Pennsylvania Railroad in 1865.

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Woodruff is the cornerstone of Carnegie's fortune.

Part 1) What is Woodruff? How has Carnegie's fortune grown up to this point? How does it become the cornerstone of Carnegie's fortune? How does this then lead to Columbia Oil?

Part 2) What important decisions does he make regarding these two companies that make them the cornerstone of his fortune? How do these companies lead to future growth in his wealth? Does he make a good decision by getting out of the oil business, investing in other businesses and finally ending up in the steel business? Explain.

Part 3) How do the decisions you have made in the past affect you today? How much of an impact will the decisions you make today have on your future? Do you believe that Carnegie's decisions were well-thought out or based on instinct and experience? Use the text to support your decision. Are most of your most influential decisions and actions based on organized plans or on your own instinct and knowledge?

Essay Topic 2

The "American dream" characterizes America.

Part 1) What is the "American dream?" How does it characterize America? How did this dream come to be? How did this dream affect immigration into the United States? How does it affect immigration into our country today?

Part 2) How was Andrew Carnegie affected by this dream? What role did this dream play in his rise in power and Carnegie's being the richest man in the world?

Part 3) How are you affected by the "American dream?" How do you see this "dream" in your own community and in the U.S. as a whole? Do you believe it is as strong as it was over one hundred years ago? Why or why not?

Essay Topic 3

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?

(see the answer keys)

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