|Name: _________________________||Period: ___________________|
This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.
Short Answer Questions
1. The Cyclops and Union Mills merger reduces time and labor cost of moving material and eliminates middlemen by _________ integration.
2. Phipps buys flue-cinder at fifty cents a ton and sells puddle-cinder at ________ per ton to improve Lucy furnace product and save money.
3. Productive staff is rewarded and non-productive staff is ___________.
4. Carnegie organizes a partnership with business associates and colleagues that are confident of his success to do what?
5. Cost information enables cost-cutting per unit by __________________________ at the same output level.
Short Essay Questions
1. What are the benefits of the Cyclops and Union Mills merger?
2. Why does Andrew not help Tom Scott? What are the effects of this decision?
3. Describe the deficiency that Carnegie corrected by integrating Keystone Bridge and Union Iron?
4. How does Carnegie rely on the McCallum system?
5. What does Frick's chairmanship mark?
6. Carnegie's interest and insistence on cost-cutting leads him into more complex areas of manufacturing detail composition and chemistry. Give an example of this.
7. What is a second dimension necessary to effect this integration?
8. What does Schwab do for the business?
9. What causes the 1893 depression? What does Carnegie do at this time?
10. What does the entrepreneurial Carnegie begin in 1872? Describe his work at this time.
Write an essay for ONE of the following topics:
Essay Topic 1
Carnegie forms an informal investing triumvirate.
Part 1) Describe this triumvirate. Why does he form this group? How effective are they? How do they benefit Carnegie? How doe they benefit from him?
Part 2) Throughout the book, what role does this triumvirate play? How does it aid Andrew in growing his wealth? How is it, at times, detrimental?
Part 3) If you were to form a triumvirate, who would it include? Why? What would be the purpose of the triumvirate?
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
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?
This section contains 1,237 words
(approx. 5 pages at 300 words per page)