View a FREE sample

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

Multiple Choice Questions

1. William Coleman also shares Carnegie's interest and enthusiasm in what?
(a) Technology.
(b) Oil.
(c) Steel.
(d) Retail.

2. Productive staff is rewarded and non-productive staff is ___________.
(a) Abused.
(b) Punished.
(c) Ignored.
(d) Eliminated.

3. Beginning in 1872, Carnegie focuses on the single project of his steel-rail rolling mill that is completed in _________.
(a) 1893.
(b) 1903.
(c) 1883.
(d) 1873.

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

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

6. From 1872 through ________, Carnegie builds an integrated industrial business to become the best-known manufacturer in the world, publishes three books, travels around the world, and becomes a philanthropist with the express intent to give away his fortune.
(a) 1909.
(b) 1889.
(c) 1899.
(d) 1879.

7. Carnegie follows the successful path of building through a depression and lack of customers by ________________.
(a) Driving costs and output down.
(b) Increasing costs and decreasing output.
(c) Increasing costs and output.
(d) Driving costs down and increasing output.

8. Carnegie corrects this deficiency by integrating _______________________.
(a) Pullman and Woodruff.
(b) Keystone Bridge and Union Iron.
(c) Pennsylvania Railroad with Pacific Union.
(d) Sun Oil and US Oil.

9. The partners want Frick to exercise power without Carnegie. Why?
(a) He is easier to manipulate than Carnegie.
(b) He is more likely to keep wage costs down.
(c) He is more trustworthy than Carnegie.
(d) He has good ideas for growth in the company.

10. In __________, Carnegie has the most modern operation.
(a) 1880.
(b) 1878.
(c) 1875.
(d) 1879.

11. When Carnegie decides what furnace is more effective, he orders six more to be built immediately.
(a) A steam or hot-water system.
(b) A reverse-cycle system.
(c) An open-hearth.
(d) A central warm-Air furnace.

12. However, by 1881, a competitor Homestead has the most modern equipment, but is plagued by what problems for two years?
(a) Organizational.
(b) Management.
(c) Labor.
(d) Financial.

13. He installs a blast furnace called________ in 1872 to produce 13.361 tons initially and eventually over 100,000 tons annually by maximizing output.
(a) "Luke."
(b) "Lenny."
(c) "Larry."
(d) "Lucy."

14. Phipps buys flue-cinder at fifty cents a ton and sells puddle-cinder at ________ per ton to improve Lucy furnace product and save money.
(a) $1.50.
(b) $3.50.
(c) $0.50.
(d) $2.50.

15. What firms are formed and the Gilded Age develops in New York?
(a) Restaurants and fast food chains.
(b) Bank and credit unions.
(c) Technology and communication.
(d) Retail and mercantile.

Short Answer Questions

1. When prosperity returns, the Carnegie business thrives. Does the damage to his personal reputation from the strike ever heal?

2. Carnegie forms an enterprise to manufacture Bessemer steel as he changes from ________________.

3. The Cyclops and Union Mills merger reduces time and labor cost of moving material and eliminates middlemen by _________ integration.

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

5. The industrial economy is crippled with some __________________ firms failing over six years.

(see the answer keys)

This section contains 490 words (approx. 2 pages at 300 words per page) View a FREE sample