|Name: _________________________||Period: ___________________|
This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.
Short Answer Questions
1. With whom does Carnegie form Columbia Oil Company?
2. Carnegie sells Central patents for ____________ to Pullman and they exchange shares for no money to form the new company.
3. Who is the cornerstone of Carnegie's fortune, followed in 1861 by Columbia Oil?
4. What does Andrew dislike about the oil business that seems beyond control of management until the 1880s and Rockefeller?
5. The triumvirate agrees to sell at once for what reason?
Short Essay Questions
1. Describe Carnegie's replacement of equipment.
2. Describe the firm and the new mill.
3. What does Daniel McCallum offer those in management?
4. What venture is formed between Tom Miller and Carnegie?
5. Describe American steel companies between 1870 and 1900.
6. Describe the economic collapse. How are Carnegie and others affected by it?
7. Who is George M. Pullman? How do he and Carnegie become involved in business together?
8. How does Carnegie determine he can profit from the boom in telegraphy?
9. How does Andrew benefit from his work delivering telegraph messages?
10. Describe Carnegie's partners at this time.
Essay Topic 1
Carnegie's insistence on knowing the costs continues for his twenty-five years in the steel business.
Part 1) How and why does cost matter throughout Carnegie's career in the steel business, as well as previous business ventures? How might this compare to the importance of cost to other companies? Use the text to support your response.
Part 2) How has this focus on cost influenced other businesses? How does it continue to be important to businesses today? How does this focus on cost aid in the creation of big business?
Part 3) When you make important decisions, on what do you focus? What aspects of a decision are important to you? How does your decision-making process compare to Carnegie's?
Essay Topic 2
With the forming of an enterprise to manufacture Bessemer steel, Carnegie changes from capitalist to entrepreneur.
Part 1) Why does he decide to move into the steel business? How does this change him from a capitalist to an entrepreneur? Is this a good maneuver? If so, why? If not, why not?
Part 2) Carnegie follows a policy of putting all of his eggs in the same basket and watching that basket. Is this a good policy? Why or why not? How has becoming an entrepreneur changed Carnegie? In what ways has he stayed the same?
Part 3) Carnegie's partners include many wealthy executives and merchants. How important are these men in Carnegie's new ventures in steel? How have others been important in Carnegie's professional career? How important are others in your own life and advancements you have made?
Essay Topic 3
J.P. Morgan purchases the Carnegie company.
Part 1) Describe the purchasing of the Carnegie Company by J.P. Morgan. What challenges and disputes lead up to this purchase? What do these problems reveal about Carnegie, Frick, and others?
Part 2) Does Carnegie make the right decision by selling the company to J.P. Morgan? Why or why not? The new company, U.S. Steel, prints $300 million worth of bonds for Carnegie. Why does he never see these? What does this reveal about him?
Part 3) J.P. Morgan congratulates Carnegie on being "the riches man in the world!" What do you think Carnegie thought of this? Use the text to support your response.
This section contains 3,140 words
(approx. 11 pages at 300 words per page)