Verified answer

Jason,

Iron was reduced, carbon oxidized.

Except in its neutral (diatonic) molecular state, oxygen is given a -2 charge. That means in Fe2O3, iron has a +3 state. It goes to a neutral state, which means it is reduced (as a mnemonic, I think of the charge being reduced to something less positive, or even to being negative). Iron going from +3 to neutral means it is reduced.

Carbon, in CO, has a formal +2 state. In CO2, however, it has a formal +4 state. Increasing charge means oxidation, so carbon is being oxidized.

Hope that helped!