Social Studies Test 1 S2

Question 1

define patent

Answer 1

license issued by the government that gives someone the right to make, use, and sell an invention without others copying it

Question 2

3 inventions from thomas edison’s “invention business” in Menlo Park

Answer 2

phonograph
motion picture projector
storage battery

Question 3

why was henry ford so popular in the auto industry if he didn’t invent the automobile

Answer 3

he made a cheap and good quality car

he was the first to invent an assembly line

Question 4

what did the wright brothers accomplish in 1903

Answer 4

they made an airplane that could fly further distances

Question 5

how did the telegraph change the way people lived

Answer 5

allowed people to send messages to far away places

Question 6

how did the telephone change the way people lived

Answer 6

allowed people to talk not in person

Question 7

how did the lightbulb change the way people lived

Answer 7

allowed people to work during the night or in places with no natural light

Question 8

define consolidation

Answer 8

the practice of combining different companies into one

Question 9

what are some possible advantages and disadvantages of consolidation

Answer 9

its an advantage to the larger companies because they become more successful and its a disadvantage to small companies because they were driven out of business

Question 10

who was cornelius vanderbilt

Answer 10

a business leader who controlled a major railroad

Question 11

how did other industries benefit from the expansion of the railroad system

Answer 11

there was more demand for products and so the certain industries grew

Question 12

what were some new technologies that improved railroad travel in the late 1800s

Answer 12

refrigerated rail cars
sleeping cars
air brakes

Question 13

define rebate

Answer 13

a discount or return of a part of a payment

Question 14

define pool

Answer 14

a group sharing in activity

Question 15

define subsidies

Answer 15

government money or financial aid given to companies that serve the public

Question 16

define factors of production

Answer 16

land, labor, and capital used to make goods and services

Question 17

define corporation

Answer 17

legally defines organizations of people and resources with the purpose of doing business

Question 18

define stock

Answer 18

shares of ownership a company sells in its business

Question 19

define shareholder

Answer 19

a person who invests in a company by buying stock

Question 20

define dividend

Answer 20

a stockholder’s share of a company’s profits, usually as a cash payment

Question 21

define trust

Answer 21

a combination of firms or corporations formed by a legal agreement especially to reduce competition

Question 22

define monopoly

Answer 22

total control of a type of industry by one person or one company

Question 23

who was john d. rockefeller

Answer 23

he was a famous figure of the oil industry

he also used horizontal integration which combined companies into a single company to bring in more money

Question 24

who was andrew carnegie

Answer 24

he was a leading figure in steelmaking and was becoming the manager of the pennsylvania railroad
he used vertical integration to bring in more money and dominate the industry

Question 25

define merger

Answer 25

the combining of two or more businesses into one

Question 26

define horizontal integration

Answer 26

same product sold throughout one company (e.g. only oil)

Question 27

define vertical integration

Answer 27

different products sold from one company (e.g. coal mines, iron mines, and steel plants)

Question 28

define consolidation

Answer 28

when A company and B company combine to make C company

Question 29

define trust

Answer 29

large and powerful grouping of companies controlled by one central body

Question 30

define monopoly

Answer 30

when the group of companies is so large and powerful that they eliminate the competition