Business Test

Question 1

Vertical Integration

Answer 1

when a company owns different parts of its supply chain

Question 2

Triangle Shirtwaist Fire

Answer 2

A big fire in 1911 at a clothing factory in New York City where many workers died. This event led to better safety rules for workers.

Question 3

16thAmend (Income tax)

Answer 3

graduated income tax

Question 4

Monopoly

Answer 4

when a company has practically no competition

Question 5

Philanthropy

Answer 5

Giving money or help to people in need.

Question 6

Network

Answer 6

A group or system of interconnected people or things

Question 7

Stock

Answer 7

A share in the ownership of a company.

Question 8

Corporation

Answer 8

A business that’s owned by a lot of people

Question 9

Gospel of Wealth

Answer 9

The idea that rich people should use their money to help society.

Question 10

Knights of Labor

Answer 10

First Union. President= Terence Powderly. Wanted better work conditions and wanted eight hour work days

Question 11

Consolidate

Answer 11

merging smaller companies into a bigger one

Question 12

American Federation of Labor

Answer 12

A group of union workers in the U.S. that joined together to improve working conditions and wages

Samuel Gompers

Question 13

Homestead Strike

Answer 13

Carnegie steel mill

Question 14

Union

Answer 14

a group of workers who organize for better working conditions

Question 15

Sweatshop

Answer 15

A workplace where workers are in bad working conditions

Question 16

Time Zones

Answer 16

Pacific, Mountain, Central, and Eastern

Question 17

Sherman Antitrust Act

Answer 17

1890/Bans monopolies and trust

Question 18

Robber Barons

Answer 18

Successful people who competed with others to grow their company

Question 19

Social Darwinism

Answer 19

The idea that only the strongest business would succeed.

Question 20

Supply and Demand

Answer 20

Less supply, more demand= Prices go up
More supply, less demand= Prices go down

Question 21

Captain of Industry

Answer 21

A business leader who is very successful and helps the economy grow

Question 22

Standard Oil Company

Answer 22

Huge oil company started by John D. Rockefeller

Question 23

Collective Bargaining

Answer 23

When workers join together to negotiate with their employers for better pay and working conditions. (teacher example)

Question 24

Haymarket Riot

Answer 24

A violent clash in Chicago in 1886 between police and workers protesting for eight-hour work days

Question 25

Bessemer Process

Answer 25

A method for making steel quickly. Carnegie

Question 26

Assembly Line

Answer 26

A way to make things faster and cheaper. One worker works at one place

Question 27

# 1. How did the Robber Barons, like Carnegie and Rockefeller, make their fortunes?

Answer 27

Carnegie and Rockefeller would buy out competitors and creating monopolies that would hurt other competitors.

Question 28

# 2. What were the goals of the Knights of Labor and the AFL?

Answer 28

Both of their goals were for better working conditions. The Knights of Labors goals were for eight hour work days, and the AFL goals were for shorter work days.

Question 29

# 3. What improvements to the railroads led to growth in businesses?

Answer 29

Some improvements were making railroads longer which helps with people being able to travel farther and getting goods to be shipped.

Question 30

# 5. How did the U.S. govt. attempt to stop Robber Barons like Carnegie and Rockefeller?

Answer 30

The U.S. govt. attempted to stop Robber Barons by creating the Sherman Antitrust Act which is an act that breaks monopolies.

Question 31

# 6. Did the U.S. government respond favorably to worker strikes? Explain your answer.

Answer 31

No, because the government would use force to break up workers strikes.

Question 32

# 7. Why were corporations the preferred types of new businesses for investors?

Answer 32

Corporations were preferred because they could raise lots of money by selling shares.

Question 33

# 4. How did the Triangle Shirtwaist Fire change conditions at work?

Answer 33

It changed the way doors are opened now and created better working conditions.