I have a bunch of system calls in ruby such as the following and I want to check their exit codes simultaneously so that my script exits out if that command fails.
You're not capturing the result of your system call, which is where the result code is returned:
exit_code = system("ruby test.rb")
Remember each system call or equivalent, which includes the backtick-method, spawns a new shell, so it's not possible to capture the result of a previous shell's environment. In this case exit_code is true if everything worked out, nil otherwise.
The popen3 command provides more low-level detail.