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General Electric was established in 1892 through the merger of the Edison General Electric Company and the Thomson-Houston Electric Company.
Answer: True
General Electric was formed in 1892 by the merger of the Edison General Electric Company and the Thomson-Houston Electric Company.
Thomas Edison was a key financier and founder of General Electric.
Answer: True
Thomas Edison was indeed a key financier and founder involved in the formation of General Electric, alongside other prominent figures like J. P. Morgan and Anthony J. Drexel.
General Electric was incorporated in Delaware on April 24, 1889.
Answer: False
General Electric was incorporated in New York on April 24, 1889, as the Edison General Electric Company, prior to its 1892 merger.
General Electric was incorporated as Edison General Electric Company in 1892.
Answer: False
General Electric was incorporated in New York on April 24, 1889, as the Edison General Electric Company. The final merger forming General Electric occurred in 1892.
What were the two primary companies that merged in 1892 to form General Electric?
Answer: Edison General Electric Company and Thomson-Houston Electric Company
General Electric was formed in 1892 by the merger of the Edison General Electric Company and the Thomson-Houston Electric Company.
Which prominent financier's firm supported the merger and consolidation of Edison's electricity-related companies to form General Electric?
Answer: Anthony J. Drexel
The merger and consolidation of Edison's electricity-related companies to form General Electric was supported by Drexel, Morgan & Co., a firm associated with Anthony J. Drexel.
Charles Steinmetz joined GE in 1893 and significantly advanced the company's work in mathematics and electronics.
Answer: True
Charles Steinmetz, a renowned mathematician and electrical engineer, joined General Electric in 1893 through an acquisition and made significant contributions, earning over 200 patents.
Ernst Alexanderson of GE conducted the first public television broadcast in the United States on January 13, 1928.
Answer: True
Ernst Alexanderson, an engineer at GE, demonstrated the first television broadcast reception in 1927 and conducted what is considered the first public television broadcast in the U.S. on January 13, 1928.
General Electric developed the nation's first jet engine during World War I.
Answer: False
GE's work on turbosuperchargers during World War I laid the groundwork, but the company developed the nation's first jet engine during World War II, based on Whittle's designs.
General Electric developed the GE 200 and GE 400 series computers in the 1960s.
Answer: True
During the 1960s, General Electric was a significant player in the computer industry, developing series such as the GE 200, GE 400, and GE 600.
GE exited the computer manufacturing industry by selling its division to IBM in 1970.
Answer: False
General Electric exited the computer manufacturing industry in 1970 by selling its computer division to Honeywell, not IBM.
The 'War of the Currents' was a debate primarily focused on the efficiency of AC versus DC power distribution systems.
Answer: True
The 'War of the Currents' was a historical debate concerning the advantages and disadvantages of alternating current (AC) versus direct current (DC) for electrical power distribution.
Ernst Alexanderson's pioneering television work involved demonstrating the first television broadcast reception in 1927.
Answer: True
Ernst Alexanderson of GE demonstrated the first television broadcast reception at his home in 1927, a precursor to public broadcasts.
GE's work on turbosuperchargers during World War II led to the development of the nation's first jet engine.
Answer: False
GE's development of turbosuperchargers during World War I and the interwar period was foundational, but it was during World War II, based on Whittle's designs, that GE developed the nation's first jet engine.
Charles Steinmetz, known for his contributions to electronics, joined General Electric through what means?
Answer: An acquisition that brought him into GE
Charles Steinmetz joined General Electric in 1893 through an acquisition, which integrated his expertise into the company.
Which GE employee is credited with demonstrating the first television broadcast reception in 1927 and the first public US broadcast in 1928?
Answer: Ernst Alexanderson
Ernst Alexanderson, a GE engineer, is credited with demonstrating the first television broadcast reception in 1927 and the first public U.S. television broadcast in 1928.
What technology did GE develop during World War II, based on Whittle's designs, that significantly advanced aviation?
Answer: Jet engines
During World War II, GE developed the nation's first jet engine, utilizing designs by Frank Whittle, which marked a significant advancement in aviation technology.
The 'War of the Currents' in the late 19th century was a debate concerning the adoption of which two electrical systems?
Answer: AC and DC power
The 'War of the Currents' was a debate concerning the adoption of alternating current (AC) versus direct current (DC) for electrical power distribution.
General Electric was a component of the Dow Jones Industrial Average for over 100 years, being removed in 2018 after 122 years of inclusion.
Answer: True
General Electric was a component of the Dow Jones Industrial Average for 122 years, from its inception in 1896 until its removal in 2018, representing the longest continuous presence of any company on the index.
GE founded the Radio Corporation of America (RCA) in 1919 to serve as its primary research division.
Answer: False
GE founded the Radio Corporation of America (RCA) in 1919 primarily to serve as its retail arm for radio sales, not as its primary research division.
General Electric reacquired NBC in 1986 after initially being forced to divest it due to antitrust violations in 1930.
Answer: True
GE, through its subsidiary RCA, founded NBC in 1926. After being compelled to divest RCA in 1930 due to antitrust concerns, GE reacquired NBC in 1986 when it purchased RCA.
GE entered the wind energy market in 2002 by acquiring the wind turbine manufacturing assets of Vestas.
Answer: False
General Electric entered the wind energy market in 2002 by acquiring the wind turbine manufacturing assets of Enron Wind, not Vestas.
In the 2000s and 2010s, GE divested its stake in NBCUniversal and acquired Smiths Aerospace.
Answer: True
During the 2000s and 2010s, GE undertook significant strategic shifts, including divesting its stake in NBCUniversal and acquiring companies like Smiths Aerospace.
General Electric was split into three companies: GE Aviation, GE Healthcare, and GE Energy.
Answer: False
General Electric was split into three independent companies: GE Aerospace, GE HealthCare, and GE Vernova (focused on energy).
General Electric's presence on the Dow Jones Industrial Average was the shortest continuous presence of any company on the index.
Answer: False
General Electric's 122-year tenure on the Dow Jones Industrial Average, from 1896 to 2018, represented the longest continuous presence of any company on the index.
General Electric moved its headquarters from New York to Boston in 1974.
Answer: False
General Electric moved its headquarters from Schenectady, New York, to Fairfield, Connecticut, in 1974, and later to Boston, Massachusetts, in 2016.
Prior to its breakup, GE's primary business divisions included GE Capital, GE Healthcare, and GE Power.
Answer: True
Before its strategic split, General Electric's primary business divisions encompassed areas such as GE Capital, GE Healthcare, GE Power, GE Aviation, and GE Renewable Energy.
GE Aerospace is considered the legal successor to the original General Electric company after the split.
Answer: True
Following the corporate restructuring, GE Aerospace is recognized as the legal successor to the original General Electric company, retaining its ticker symbols.
The GE Building at 570 Lexington Avenue in New York City was formerly known as the RCA Building.
Answer: False
The GE Building at 570 Lexington Avenue in New York City was known as the GE Building due to its prominent logo; it was not formerly known as the RCA Building.
GE's attempt to sell its appliance business in 2008 was successful, but the division was later sold to Whirlpool.
Answer: False
GE's appliance business was eventually sold to Haier in 2016, following an earlier attempt to sell the division in 2008 that was unsuccessful due to the economic recession.
General Electric's headquarters moved from Fairfield, Connecticut, to Boston, Massachusetts, in 2016.
Answer: True
General Electric relocated its headquarters from Fairfield, Connecticut, to Boston, Massachusetts, in 2016.
General Electric was one of the original 12 companies listed on the Dow Jones Industrial Average in 1896.
Answer: True
General Electric was among the original 12 companies included in the Dow Jones Industrial Average when it was first established in 1896.
GE's Global Operations Center in Cincinnati, Ohio, primarily supports the company's aviation division.
Answer: False
The GE Global Operations Center in Cincinnati, Ohio, established in 2016, serves as a shared services organization supporting various functions including finance, HR, IT, and supply chain across the company, not solely aviation.
GE finalized the acquisition of Alstom's global power division in 2015 for approximately $17 billion.
Answer: True
The acquisition of Alstom's global power division by GE, initially agreed upon in 2014, was finalized in 2015 for approximately $17 billion.
GE's ownership of NBC began when Owen D. Young co-founded NBC in 1926.
Answer: False
GE's ownership of NBC began indirectly through its subsidiary RCA, which co-founded NBC in 1926. GE itself did not directly co-found NBC.
General Electric sold its appliance business to Haier in 2016 after an earlier attempt to sell it in 2008 failed.
Answer: True
GE's appliance business was eventually sold to Haier in 2016, following an earlier attempt to sell the division in 2008 that was unsuccessful due to the economic recession.
For how many years was General Electric a component of the Dow Jones Industrial Average before its removal in 2018?
Answer: 122 years
General Electric was a component of the Dow Jones Industrial Average for 122 years, from its inception in 1896 until its removal in 2018.
What was the primary purpose for which GE founded the Radio Corporation of America (RCA) in 1919?
Answer: To serve as its retail arm for radio sales
General Electric founded the Radio Corporation of America (RCA) in 1919 primarily to act as its retail arm for radio sales.
GE was compelled to divest RCA due to antitrust violations in which year?
Answer: 1930
Due to antitrust violations, General Electric was compelled to divest the Radio Corporation of America (RCA) in 1930.
GE entered the wind energy market by acquiring assets from which bankrupt company?
Answer: Enron Wind
General Electric entered the wind energy market in 2002 by acquiring the wind turbine manufacturing assets of Enron Wind during Enron's bankruptcy proceedings.
Which of the following was a major divestiture made by GE in the 2000s and 2010s?
Answer: GE Appliances
During the 2000s and 2010s, GE divested several major businesses, including GE Appliances.
Following its strategic split, which entity is considered the legal successor to the original General Electric company?
Answer: GE Aerospace
GE Aerospace is considered the legal successor to the original General Electric company after the strategic split, retaining its ticker symbols.
Which of the following was a major acquisition made by GE during the 2000s and 2010s?
Answer: Smiths Aerospace
During the 2000s and 2010s, GE made significant acquisitions, including Smiths Aerospace.
What was the outcome of GE's attempt to sell its appliance business in May 2008?
Answer: The plan was abandoned due to the economic recession.
In May 2008, GE announced plans to auction its appliance business, but this plan fell through due to the economic recession.
Which company eventually purchased GE's appliance business in 2016?
Answer: Haier
GE's appliance business was eventually sold to Haier in 2016.
General Electric's headquarters moved from Schenectady, New York, to which city in 1974?
Answer: Fairfield, Connecticut
In 1974, General Electric moved its headquarters from Schenectady, New York, to Fairfield, Connecticut.
Which of the following was NOT listed as a primary business division of General Electric prior to its breakup?
Answer: GE Consumer Electronics
Prior to its breakup, GE's primary business divisions included GE Aerospace, GE Capital, and GE Healthcare, among others. GE Consumer Electronics was not listed as a primary division.
Which of the following was a major acquisition made by GE during the 2000s and 2010s?
Answer: Smiths Aerospace
During the 2000s and 2010s, GE made significant acquisitions, including Smiths Aerospace.
What was the significance of GE's presence on the Dow Jones Industrial Average?
Answer: It represented the longest continuous presence of any company on the index.
General Electric's 122-year tenure on the Dow Jones Industrial Average, from 1896 to 2018, represented the longest continuous presence of any company on the index.
Boycotts against GE products in the 1980s and 1990s were primarily due to the company's involvement in nuclear weapons production.
Answer: True
During the 1980s and 1990s, consumer boycotts targeted GE products, largely in protest against the company's significant involvement in the production of nuclear weapons.
The 'Ecomagination' initiative, launched in 2005, focused on developing and promoting environmental technologies like solar energy and water purification.
Answer: True
Launched in May 2005, GE's 'Ecomagination' initiative was a strategic effort to develop and promote environmental technologies, including solar energy, hybrid locomotives, and water purification systems.
General Electric heavily contaminated the Hudson River with PCBs from its plant in Waterford, New York, between 1947 and 1977.
Answer: True
General Electric's plant in Waterford, New York, discharged PCBs into the Hudson River between 1947 and 1977, leading to significant environmental contamination.
GE's operations in Pittsfield, Massachusetts, led to PCB pollution in the Housatonic River, resulting in a Superfund site designation.
Answer: True
GE's operations in Pittsfield, Massachusetts, resulted in PCB pollution of the Housatonic River, leading to its designation as a Superfund site requiring remediation.
The 'Ecomagination' initiative set a revenue target of $25 billion for green products by 2010 and planned significant investment in clean technology R&D.
Answer: True
The 'Ecomagination' initiative set ambitious goals, including a revenue target of $25 billion for green products by 2010 and plans for substantial investment in clean technology research and development.
The 'Short Films, Big Ideas' campaign, launched in 2011, was a marketing initiative focused on showcasing GE's financial services.
Answer: False
Launched in 2011, GE's 'Short Films, Big Ideas' campaign was a content marketing initiative designed to highlight innovations and the stories of global shapers, rather than focusing solely on financial services.
In 2013, GE received a National Jefferson Award for its contributions to social responsibility.
Answer: True
In recognition of its corporate social responsibility efforts, General Electric was honored with a National Jefferson Award for Outstanding Service by a Major Corporation in 2013.
As part of its 'Ecomagination' initiative, GE set goals for its subsidiaries to increase greenhouse gas emissions.
Answer: False
As part of the 'Ecomagination' initiative, GE established goals for its subsidiaries to lower their greenhouse gas emissions, reflecting a commitment to environmental sustainability.
GE's plant in Rome, Georgia, was found to be contaminated with asbestos, requiring EPA intervention.
Answer: False
GE's plant in Rome, Georgia, was found to be contaminated with Polychlorinated Biphenyls (PCBs), prompting EPA intervention for cleanup, not asbestos.
The 'Ecomagination' initiative aimed to invest $10 billion in clean technology research and development by 2010.
Answer: False
The 'Ecomagination' initiative involved GE investing $1.4 billion in clean technology research and development in 2008, and by 2010, it planned to invest an additional $10 billion over the next five years, not $10 billion by 2010.
What was the primary reason cited for consumer boycotts of GE products in the 1980s and 1990s?
Answer: Involvement in nuclear weapons production
Consumer boycotts of GE products during the 1980s and 1990s were primarily motivated by the company's involvement in the production of nuclear weapons.
The 'Ecomagination' initiative, launched in 2005, was GE's strategy to focus on developing and promoting what type of products?
Answer: Environmental technologies
Launched in 2005, GE's 'Ecomagination' initiative was a strategic focus on developing and promoting environmental technologies.
What was the purpose of GE's 'Short Films, Big Ideas' campaign launched in 2011?
Answer: To showcase innovations and stories of global shapers
Launched in 2011, GE's 'Short Films, Big Ideas' campaign was a content marketing initiative designed to highlight innovations and the stories of global shapers, rather than focusing solely on financial services.
GE's plant in Rome, Georgia, was found to be contaminated with what substance?
Answer: PCBs
GE's plant in Rome, Georgia, was found to be contaminated with Polychlorinated Biphenyls (PCBs), prompting EPA intervention for cleanup, not asbestos.
What was the stated goal of GE's 'Ecomagination' initiative concerning its subsidiaries?
Answer: To set goals for lowering greenhouse gas emissions
GE's 'Ecomagination' initiative included setting goals for its subsidiaries to lower their greenhouse gas emissions.
What recognition did GE receive in 2013 for its corporate social responsibility efforts?
Answer: National Jefferson Award for Outstanding Service by a Major Corporation
In 2013, General Electric was awarded a National Jefferson Award for Outstanding Service by a Major Corporation, acknowledging its contributions to social responsibility.
What environmental issue led to a 200-mile stretch of the Hudson River being designated a Superfund site, involving GE's operations?
Answer: Polychlorinated biphenyls (PCBs)
The extensive contamination of the Hudson River with Polychlorinated Biphenyls (PCBs) from GE's operations led to a 200-mile section being designated a Superfund site.
What was the purpose of the 'Ecomagination' initiative's investment of $1.4 billion in clean technology research and development in 2008?
Answer: To bring environmentally friendly products to market
In 2008, the 'Ecomagination' initiative involved GE investing $1.4 billion in clean technology research and development with the goal of bringing environmentally friendly products to market.
What was the purpose of the 'Ecomagination' initiative regarding GE's product development strategy?
Answer: To develop and promote environmental technologies
The 'Ecomagination' initiative guided GE's product development strategy towards the creation and promotion of environmental technologies.
General Electric's financial performance in the years leading up to its breakup showed consistent growth and profitability.
Answer: False
General Electric's financial performance in the years preceding its breakup was marked by fluctuations and periods of significant losses, indicating a decline rather than consistent growth and profitability.
General Electric, once a 'dividend aristocrat,' maintained its dividend payout consistently until its breakup.
Answer: False
Although once a 'dividend aristocrat,' General Electric significantly cut its dividend payout in 2017 and again in 2018, reflecting its financial difficulties, rather than maintaining it consistently until its breakup.
The COVID-19 pandemic led to a significant increase in GE's aviation revenue due to increased air travel.
Answer: False
The COVID-19 pandemic led to a substantial drop in GE's revenue, especially within its aviation sector, due to the severe reduction in air travel.
In August 2019, Harry Markopolos accused GE of accounting fraud totaling $38 billion, calling it a 'bigger fraud than Enron.'
Answer: True
In August 2019, Harry Markopolos, known for exposing the Madoff scheme, accused General Electric of accounting fraud amounting to $38 billion, characterizing it as a 'bigger fraud than Enron.'
A Wells notice received by GE in October 2020 indicated the SEC had closed its investigation into the company's accounting practices.
Answer: False
A Wells notice from the SEC, received by GE in October 2020, signaled the potential for the SEC to initiate civil action, indicating the investigation into the company's accounting practices was ongoing, not closed.
GE faced allegations of under-reserving losses related to its long-term care business, leading to increased liabilities.
Answer: True
General Electric faced allegations concerning under-reserving losses within its long-term care business, which contributed to increased liabilities and scrutiny from rating agencies and regulators.
Increasing the discount rate for GE's pension plans in 2018 reduced its reported underfunded pension liability by $7 billion.
Answer: True
By adjusting the discount rate for its pension plans in 2018, GE reduced its reported underfunded pension liability by $7 billion.
General Electric froze pensions for its salaried U.S. employees in 2021.
Answer: False
General Electric announced the freeze of pensions for its salaried U.S. employees in October 2018, with the transition to a defined contribution plan occurring in 2021.
Harry Markopolos accused General Electric of accounting fraud totaling $38 billion in August 2019.
Answer: True
In August 2019, Harry Markopolos alleged that General Electric had committed accounting fraud amounting to $38 billion.
What financial challenges did GE face concerning its long-term care insurance business?
Answer: Under-reserving losses and increased liabilities
GE encountered challenges related to under-reserving losses in its long-term care insurance business, which contributed to increased liabilities and scrutiny from rating agencies and regulators.
In 2018, GE adjusted its pension plan discount rate, which had what effect on its reported liabilities?
Answer: Decreased underfunded pension liability by $7 billion
By increasing the discount rate for its pension plans in 2018, GE achieved a reduction of $7 billion in its reported underfunded pension liability.
When did General Electric announce the freeze of pensions for its salaried U.S. employees?
Answer: October 2018
General Electric announced the freeze of pensions for its salaried U.S. employees in October 2018.
What did the SEC's Wells notice, received by GE in October 2020, signify?
Answer: The SEC might pursue civil action against GE.
A Wells notice from the SEC, received by GE in October 2020, signaled the potential for the SEC to initiate civil action against the company.
How did the COVID-19 pandemic primarily affect GE's operations, according to the source?
Answer: It caused a substantial drop in GE's revenue, particularly in aviation.
The COVID-19 pandemic led to a substantial drop in GE's revenue, especially within its aviation sector, due to the severe reduction in air travel.
What was the alleged amount of accounting fraud General Electric was accused of by Harry Markopolos?
Answer: 38 billion
Harry Markopolos accused General Electric of accounting fraud totaling $38 billion in August 2019.
What allegations were made against General Electric by Harry Markopolos in August 2019?
Answer: Accounting fraud totaling $38 billion
In August 2019, Harry Markopolos alleged that General Electric had committed accounting fraud amounting to $38 billion.