John D. Rockefeller Trivia
In this activity, you will play Rockefeller Trivia to see how much you remember from today. Remember, this is not for a grade. Be honest. It will help me to determine if we need to spend more time on this topic. Click the icon at the bottom of the page to play Rockefeller Trivia.
- 1.
Who struck oil in Pennsylvania and started the Pennsylvania Oil Rush?
- A.
Edwin Drake
- B.
John D. Rockefeller
- C.
Hernando De Soto
- D.
Patillo Higgins and Anthony F. Lucas
Correct Answer
A. Edwin DrakeExplanation
Edwin Drake is the correct answer because he is widely recognized as the person who struck oil in Pennsylvania and initiated the Pennsylvania Oil Rush. In 1859, Drake successfully drilled the first commercial oil well in Titusville, Pennsylvania, which marked the beginning of the modern petroleum industry. His achievement revolutionized the energy industry and paved the way for future oil exploration and production.Rate this question:
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- 2.
What is the difference between an oil prospector and an oil refiner?
- A.
An oil prospector is a person who searches for oil by drilling and a refiner uses equipment to prepare oil for people to use.
- B.
An oil prospector is an oil owner who sells oil and a refiner is a person who buys oil for their business.
- C.
An oil prospector is a person who searches for the best oil prices and an oil refiner is a person who pays oil prospectors to find the best oil prices.
- D.
An oil prospector is a person who stores oil and a refiner is a person who distributes oil to businesses.
Correct Answer
A. An oil prospector is a person who searches for oil by drilling and a refiner uses equipment to prepare oil for people to use.Explanation
An oil prospector is someone who explores and searches for oil reserves by drilling in different locations. They are responsible for identifying potential oil fields and determining their viability for extraction. On the other hand, an oil refiner is involved in the process of refining crude oil into various petroleum products that can be used by consumers. They use specialized equipment and techniques to remove impurities and convert the crude oil into usable products such as gasoline, diesel, and jet fuel.Rate this question:
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- 3.
When you help fund a business or purchase shares in a business in return for some of the business's profits, you are __________________________.
- A.
Investing
- B.
Refining
- C.
Kickbacking
- D.
Prospecting
Correct Answer
A. InvestingExplanation
When you help fund a business or purchase shares in a business in return for some of the business's profits, you are investing. Investing involves putting money into a business or asset with the expectation of generating a profit or gaining a return on your investment. By investing in a business, you become a stakeholder and have the potential to earn a share of the profits or benefit from the growth of the business.Rate this question:
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- 4.
How did John D. Rockefeller get involved in the oil business?
- A.
He was a bookkeeper that double crossed the businessmen that he worked for by reporting that the Pennsylvania Oil Rush was not worth investing in and then he invested in it himself.
- B.
His family owned oil derricks in Pennsylvania that he inherited after his father passed away
- C.
His business partner came from an oil family and encouraged him to move from bookkeeping to the oil business.
- D.
He was a bookkeeper that invested in the Texas Oil Rush and joined with other businessmen to form the Texas Oil Company.
Correct Answer
A. He was a bookkeeper that double crossed the businessmen that he worked for by reporting that the Pennsylvania Oil Rush was not worth investing in and then he invested in it himself.Explanation
John D. Rockefeller got involved in the oil business by double-crossing the businessmen he worked for. As a bookkeeper, he reported that the Pennsylvania Oil Rush was not worth investing in, but secretly invested in it himself. This deceitful move allowed him to enter the oil industry and eventually build his own empire.Rate this question:
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- 5.
What is interest?
- A.
Money paid regularly at a certain rate for the use of money lent, or for delaying the repayment of a debt
- B.
Giving money to help fund a business in return for shares in the business profits.
- C.
A return of part of a payment because of secret agreement or bribe.
- D.
When one business controls the production of all of a certain type of product
Correct Answer
A. Money paid regularly at a certain rate for the use of money lent, or for delaying the repayment of a debtExplanation
Interest is the money paid regularly at a certain rate for the use of money lent or for delaying the repayment of a debt. This means that when someone borrows money, they are required to pay back not only the original amount borrowed but also an additional amount called interest. The interest rate is usually determined by the lender and is a percentage of the borrowed amount. It serves as compensation for the lender and is a common practice in financial transactions such as loans and credit cards.Rate this question:
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- 6.
What is a monopoly?
- A.
A profitable business - one that makes a lot of money after all expenses are paid
- B.
When one person or business owns all of how one product is made and sold
- C.
Person who searches for mineral deposits in a place by mining and drilling
- D.
A very wealthy and powerful business person
Correct Answer
B. When one person or business owns all of how one product is made and soldExplanation
A monopoly is a situation where one person or business has complete control over the production and sale of a particular product. This means that there is no competition in the market, allowing the monopolistic entity to set prices and control supply without any constraints. This can lead to higher prices for consumers and limited choices.Rate this question:
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- 7.
What is profit?
- A.
The amount of money made by a business after subtracting the costs
- B.
The costs involved in starting a business
- C.
The money made by a company at the end of the year
- D.
The amount of money a company gives to charity
Correct Answer
A. The amount of money made by a business after subtracting the costsExplanation
Profit is the financial gain achieved by a business after deducting all the expenses. It represents the surplus amount remaining after subtracting the costs involved in running the business from the total revenue generated. It is an essential measure of a company's profitability and indicates its ability to generate income and sustain operations.Rate this question:
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- 8.
What term describes when a country's trade and industry are controlled by private businesses rather than the government?
- A.
Capitalism
- B.
Socialism
- C.
Communism
- D.
Traditionalism
Correct Answer
A. CapitalismExplanation
Capitalism is the correct answer because it refers to an economic system in which trade and industry are controlled by private businesses rather than the government. In a capitalist system, individuals and companies have the freedom to own and operate businesses, make investments, and engage in trade for profit. The government's role is limited, and there is a focus on individual rights, competition, and market forces determining prices and production.Rate this question:
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- 9.
What is a tycoon?
- A.
A very wealthy and powerful business person
- B.
A person who protects the rights and interests of his workers
- C.
Person who searches for mineral deposits in a place by mining and drilling
- D.
A person who builds the framework over an oil well that holds the drilling machinery
Correct Answer
A. A very wealthy and powerful business personExplanation
A tycoon is someone who is extremely wealthy and holds a significant amount of power in the business world. They typically have amassed a large fortune through their successful ventures and have a strong influence in various industries. This term is often used to describe individuals who have achieved great financial success and are known for their business acumen and entrepreneurial skills.Rate this question:
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- 10.
True or false? John D. Rockefeller was a philanthropist.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
John D. Rockefeller was indeed a philanthropist. He was an American business magnate and philanthropist who is widely regarded as one of the greatest philanthropists in American history. Rockefeller donated a significant portion of his wealth to various charitable causes, including education, public health, and scientific research. His philanthropic efforts had a lasting impact and helped improve the lives of many people.Rate this question:
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Current Version
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Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
Sep 02, 2013Quiz Created by
April Smith