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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. 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.
(a) $4.
(b) $3.
(c) $2.
(d) $1.

2. Phipps takes Carnegie's cost-cutting seriously by having who analyze flue and puddle cinders?
(a) A conservationist.
(b) A biologist.
(c) A chemist.
(d) A physicist.

3. This approach introduces ______________ into pricing and a methodology for investment planning.
(a) Practicality.
(b) Decreases.
(c) Inreases.
(d) Rationality.

4. Carnegie feels confident enough in 1870 to do what?
(a) Buy new businesses.
(b) Sell the business.
(c) Make large changes in the business.
(d) Expand the business.

5. Carnegie progresses from rolling rail to rolling structural beams and angles for bridges, skyscrapers, and ________________.
(a) Elevated railroads.
(b) Apartments.
(c) Homes.
(d) Businesses.

6. Carnegie tries to use public relations, legislative action and threatens who to drive shipping costs down?
(a) A competitor railroad.
(b) John D. Rockefeller.
(c) A competitor in the steel industry.
(d) The unions.

7. They make a deal that is considered what?
(a) Carnegie's greatest achievement.
(b) Carnegie's most surprising decisions.
(c) A poor decision.
(d) Carnegie's least important achievement.

8. He follows a policy of putting all his eggs in the same basket and doing what?
(a) Worrying about it.
(b) Forgetting about it.
(c) Ignoring it.
(d) Watching it.

9. Schwab cuts $500,000 in costs at Homestead by __________________ and replacing skilled labor with machines and unskilled workers.
(a) Adding 25 percent to wages.
(b) Cutting 25 percent from wages.
(c) Cutting 15 percent from wages.
(d) Adding 15 percent to wages.

10. Frick's chairmanship of the Carnegie Company marks a difficult period in its history starting with what strike in 1892 and a four year depression from 1893.
(a) UPS Workers Strike.
(b) The Homestead Strike.
(c) The Pullman Strike.
(d) Postal Worker's Strike.

11. The 1893 depression is caused by what?
(a) Manufacturing undercapacity, particularly in the steel industry.
(b) Manufacturing undercapacity, particularly in the oil industry.
(c) Manufacturing overcapacity, particularly in the steel industry.
(d) Manufacturing overcapacity, particularly in the oil industry.

12. Carnegie organizes a partnership with business associates and colleagues that are confident of his success to do what?
(a) Find capital.
(b) Stabilize capital.
(c) Lower capital.
(d) Raise capital.

13. Carnegie is praised by labor leaders and Frick is considered _____________.
(a) "Strange and righteous."
(b) "Carnegie's assistant."
(c) "A hero."
(d) "Haughty and disdainful."

14. 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) Railroad.
(b) Industrial.
(c) Technology.
(d) Automobile.

15. Rich and poor are impacted when even Tom Scott faces ruin and disgrace from Texas Pacific Railroad default unless what happens?
(a) His friend Andrew Carnegie endorses the note.
(b) The economy improves.
(c) A miracle occurs.
(d) He can sell stock.

Short Answer Questions

1. Holley's pre-production estimates and Shinn's voucher system provides Carnegie's Edgar Thomson Works with accurate profitability in its ________ month of operation.

2. Carnegie's methods in steel concentrate what?

3. The mill site is strategically situated _______________ where the Pennsylvania, Baltimore and Ohio railroad and river transportation system is readily available, nearby the coal fields.

4. By 1892, Carnegie is in ______________ and leaves labor issues to Frick.

5. Carnegie's pace of ___________ replacement needs continuous reinvestment of profits to the exclusion of significant dividend payments.

(see the answer keys)

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