View a FREE sample

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

Multiple Choice Questions

1. At the age of ___________ Carnegie finds a wife for his home, a business successor and considers retirement.
(a) Fifty-four.
(b) Sixty.
(c) Forty.
(d) Fifty.

2. Holley's pre-production estimates and Shinn's voucher system provides Carnegie's Edgar Thomson Works with accurate profitability in its ________ month of operation.
(a) First.
(b) Second.
(c) Third.
(d) Fourth.

3. Carnegie forces another _____________ partners out until only Schwab survives, while bringing in "young geniuses" who prove their merit on cost sheets.
(a) Thirteen.
(b) Fifteen.
(c) Eleven.
(d) Nine.

4. Andrew needs a strong leader to manage growth after what happens to his brother Tom?
(a) He becomes ill.
(b) He retires.
(c) He moves.
(d) He dies.

5. At thirty, Frick is a millionaire with _______ thousand coke ovens and three thousand acres of land.
(a) Three.
(b) Two.
(c) Four.
(d) One.

6. The process takes longer than expected, but by 1868 production begins, and expansion is planned in what year?
(a) 1862.
(b) 1882.
(c) 1872.
(d) 1892.

7. Carnegie relies on what system implemented by Thomson and Scott at the railroad to transfer and adapt it to industry?
(a) The McDonald.
(b) The McAllister.
(c) The McCallum.
(d) The McMillan.

8. Carnegie contributes __________ of the partnership total $741,000 in original capital to the firm he names "Carnegie, McCandless and Company" and names the mill "Edgar Thomson Works" (ET) for the first president of Pennsylvania Railroad.
(a) $250,000.
(b) $25,000.
(c) $2,500.
(d) $2.5 million.

9. By 1892, Carnegie is in ______________ and leaves labor issues to Frick.
(a) Ireland.
(b) England.
(c) Wales.
(d) Scotland.

10. When the state legislature creates a limited partnership in ____________, Carnegie, McCandless immediately restructures into the Edgar Thomson Steel Company, Limited.
(a) 1874.
(b) 1878.
(c) 1876.
(d) 1880.

11. American capitalism and democracy conflict in the fear that economic justice requires what?
(a) No government.
(b) Small government.
(c) An inactive government.
(d) An active interventionist role for government.

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

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

14. Frick's first acquisition is _____________, which is the most modern steel mill and keeps the Carnegie Company at the forefront.
(a) NESSteel.
(b) Factory Steel.
(c) U.S. Steel.
(d) Duquesne Steel.

15. 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) $2.50.
(b) $0.50.
(c) $1.50.
(d) $3.50.

Short Answer Questions

1. Who rescues Merritt's Mesabi Range from bankruptcy?

2. 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.

3. Cost information enables cost-cutting per unit by __________________________ at the same output level.

4. Carnegie is praised by labor leaders and Frick is considered _____________.

5. Henry Phipps reviews blast furnace operations where flue-cinders are thrown away. What happens to puddling furnace cinders?

(see the answer keys)

This section contains 517 words (approx. 2 pages at 300 words per page) View a FREE sample