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This quiz consists of 5 multiple choice and 5 short answer questions through Triumph and Tragedy.

Multiple Choice Questions

1. During the nineteenth century American railroads are financed by bonds with over ____ percent of their earnings used to pay bond interest.
(a) 20.
(b) 40.
(c) 30.
(d) 50.

2. A second dimension necessary to effect this integration is the implementation of what system?
(a) Accountability.
(b) Benefits.
(c) Democratic.
(d) Welfare.

3. Erie and Pennsylvania Railroads each have ________ thousand employees trained into a disciplined workforce.
(a) Eight.
(b) Ten.
(c) Four.
(d) Thirteen.

4. Tom Miller is a _________ man who forms joint ventures with Carnegie in several small investments. They form Freedom Iron Company of Lewiston Pennsylvania in 1861 that Carnegie restructures into Freedom Iron and Steel to retool for the Bessemer process in 1866.
(a) Industrial.
(b) Technology.
(c) Automobile.
(d) Railroad.

5. Carnegie works ___________ years at the Pennsylvania Railroad while he develops managerial skill, economic principles and personal relationships to become a successful manager, capitalist and entrepreneur.
(a) Sixteen.
(b) Twelve.
(c) Fourteen.
(d) Eighteen.

Short Answer Questions

1. Specialized merchants control flow of product at every step, which _____________________.

2. Other operating benefits like reduced inventory and less machine duplication create cost savings to enable __________________at a market-competitive rate.

3. By ________, the Pennsylvania Railroad runs 3,500 miles of track with 30,000 employees and $61 million invested.

4. What railroad focuses capital investments that either increase revenue or reduce unit cost to justify them?

5. After this steel company's acquisition for _____ million bonds, Frick restructures all the related companies with Carnegie Steel Company, Limited taking over assets of Carnegie Brothers and Carnegie Phipps with a $25 million capital base, distributing to Carnegie 55 percent, Frick and Phipps both 11 percent each, 1 percent each to nineteen partners and 4 percent reserve for key staff.

(see the answer key)

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