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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Will is unable to catch on to new opportunities and reverts back to weaving and selling his wares on the street, which does what?

2. Scot Andrew Carnegie became what?

3. Carnegie meets John Piper in 1856 in order to build _______ bridges, instead of wooden bridges that can be set afire from locomotive sparks and are not cost-effective beyond a certain span and load factor.

4. The business is _______________ with conductors and station agents collecting millions in small coin revenue.

5. Carnegie perfects business techniques to transform an iron and steel industry comprised of many small producers into what for the first time?

Short Essay Questions

1. What does Daniel McCallum offer those in management?

2. What happens within two years of arriving in America?

3. How does Andrew escape the textile mills?

4. The partners pledge an investment to be made in installments paid when due or by the company as credit for dividends payable on the whole investment. Give an example of this pledge in action.

5. What does Carnegie learn at the Pennsylvania Railroad?

6. What are the jobs of the railroad managers?

7. Give an example of when Carnegie meets railroad's customers and initiates control of division operations when needed.

8. How is Pittsburgh important at this time?

9. How does Andrew benefit from his work delivering telegraph messages?

10. How do family members and friends help immigrants? How is Carnegie's family helped?

Essay Topics

Write an essay for ONE of the following topics:

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

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

Carnegie corrects deficiencies at Cyclops, now Union Iron.

Part 1) What deficiencies exist at Cyclops? How does Carnegie correct these deficiencies? How important is his past experience when correcting these deficiencies? What do these corrections reveal or reinforce about Carnegie?

Part 2) How does this introduce rationality into pricing and a methodology for investment planning? Why is this important? How do Carnegie and his partners benefit from this?

Part 3) What can we as readers learn from Carnegie's actions surrounding his purchase of Cyclops, its initial merger with Union Iron and the final merger with Keystone Bridge Company?

(see the answer keys)

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