Social Studies Final Review 3

Question 1

Founder of Standard Oil; considered the richest American in history, worth an estimated $700 billion in today’s money through oil industry monopolization

Answer 1

John D. Rockefeller

Question 2

Industrialist who led the expansion of the American steel industry; worth around $360 billion in today’s money.

Answer 2

Andrew Carnegie

Question 3

Railroad baron who consolidated rail lines in New York and beyond; worth about $250 billion in today’s money.

Answer 3

Cornelius Vanderbilt

Question 4

Powerful banker and financier who dominated corporate finance and industrial consolidation; worth around $95 billion in today’s money.

Answer 4

J.P. Morgan

Question 5

Small, independent, family-run businesses common before the rise of large corporations.

Answer 5

Mom and Pop Shops

Question 6

A business owned by investors who buy shares (stock); it can raise capital by selling stock and pays profits in dividends.

Answer 6

Corporation

Question 7

Shares of ownership in a company; buying stock means investing in that company.

Answer 7

Stock

Question 8

A portion of a corporation’s profit paid to shareholders.

Answer 8

Dividend

Question 9

The process of combining smaller companies into larger ones, often to reduce competition and increase efficiency.

Answer 9

Consolidation

Question 10

Railroad Barons – Powerful business leaders who controlled major railroads, often through aggressive and ruthless tactics (e.g., Vanderbilt)

Answer 10

Railroad Barons

Question 11

A connected system; in railroads, it refers to the linking of different lines to create a continuous transportation system

Answer 11

Network

Question 12

Standardized divisions of time created due to the widespread railroad network to coordinate train schedules across regions.

Answer 12

Time Zones

Question 13

The width between railroad tracks; standardizing the gauge allowed trains to run on multiple rail lines without needing adjustments.

Answer 13

Gauge

Question 14

Inventor of the luxury sleeping car, as well as onboard dining and bathroom cars for railroads.

Answer 14

George Pullman

Question 15

Invented the air brake system, allowing all train cars to be stopped by one operator at the same time.

Answer 15

George Westinghouse

Question 16

A railroad line that connected the eastern U.S. with the Pacific Coast, promoting national commerce and settlement.

Answer 16

Transcontinental Railroad

Question 17

Built the Great Northern Railway (a transcontinental railroad) without government funding.

Answer 17

James J. Hill

Question 18

Competition between railroads where they drastically cut prices to win customers, often driving smaller competitors out of business.

Answer 18

Rate Wars

Question 19

Secret discounts given by railroads to their biggest customers, often hurting small shippers and farmers.

Answer 19

Rebates

Question 20

Agreements between businesses to set prices and divide markets, reducing competition and keeping prices high, especially for farmers

Answer 20

Pools

Question 21

Monopoly – When one company controls over 90% of an industry, eliminating all competition.

Answer 21

Monopoly

Question 22

A group of corporations controlled by a single board of directors, often used to create monopolies.

Answer 22

Trust

Question 23

A business strategy where one company controls every step of the production process, from raw materials to finished product.

Answer 23

Vertical Integration

Question 24

The belief that in business, as in nature, only the strongest survive, justifying ruthless competition.

Answer 24

Social Darwinism

Question 25

Producing large quantities of goods quickly and cheaply, often using machines and assembly lines.

Answer 25

Mass Production

Question 26

A method of production where each worker performs one specific task as the product moves down the line.

Answer 26

Assembly Line

Question 27

Invented by William Kelly and Henry Bessemer; a method of producing strong, affordable steel quickly and efficiently.

Answer 27

Bessemer Process

Question 28

The largest steel producer in the U.S., based in Homestead, Pennsylvania.

Answer 28

Carnegie Steel Company

Question 29

Giving away large sums of money to public causes; Carnegie funded libraries, universities, and peace institutions like The Hague.

Answer 29

Philanthropy

Question 29

Carnegie’s harsh manager, known for violently suppressing labor strikes.

Answer 29

Henry Fricke

Question 30

Powerful banker who bought Carnegie Steel and created U.S. Steel; also controlled major railroad lines

Answer 30

J.P. Morgan

Question 31

Rockefeller’s company; dominated the oil industry and was one of the first major trusts.

Answer 31

Standard Oil Company

Question 32

Mail-order kit houses shipped by rail and built by buyers; part of Sears' effort to reach more American families

Answer 32

Sears Homes (1908–1914)