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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 105 · 40 questions
TalentJR

Business tip (Revenue in, profit left): Sole trader: one owner, keeps all the profit, owes the debts, simplest to start. Company: a separate legal body, owned by shareholders, run by directors, owners’ risk limited. Revenue = price × number sold. Profit = revenue − costs, so costs = revenue − profit. Teens run a business with adult help; tax and legal questions go to an adult or an expert.

NameDateTime takenScore ___ / 40
  1. 1.A small business sells 49 clay diyas at ₹30 each. What is its revenue (in ₹)?
  2. 2.A small business sells 38 potted plants at ₹25 each. Its costs are ₹320. What is its profit (in ₹)?
  3. 3.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
  4. 4.A small business selling glasses of chai had a revenue of ₹480 and a profit of ₹410. What were its costs (in ₹)?
  5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  6. 6.A small business sells 31 friendship bands at ₹5 each. What is its revenue (in ₹)?
  7. 7.A small business sells 23 handmade cards at ₹40 each. What is its revenue (in ₹)?
  8. 8.A small business sells 25 painted pebbles at ₹30 each. Its costs are ₹630. What is its profit (in ₹)?
  9. 9.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
  10. 10.True or false: “a separate legal body” is true of a company. (a) False (b) True
  11. 11.A small business selling potted plants had a revenue of ₹1530 and a profit of ₹1120. What were its costs (in ₹)?
  12. 12.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
  13. 13.A small business sells 16 friendship bands at ₹5 each. What is its revenue (in ₹)?
  14. 14.True or false: “run by directors” is true of a company. (a) False (b) True
  15. 15.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
  16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) one owner runs it
  17. 17.True or false: “one owner runs it” is true of a company. (a) False (b) True
  18. 18.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
  19. 19.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  20. 20.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
  21. 21.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
  22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
  23. 23.A small business selling friendship bands had a revenue of ₹320 and a profit of ₹140. What were its costs (in ₹)?
  24. 24.A small business selling fruit cups had a revenue of ₹2205 and a profit of ₹2115. What were its costs (in ₹)?
  25. 25.A small business sells 13 potted plants at ₹30 each. Its costs are ₹110. What is its profit (in ₹)?
  26. 26.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
  27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
  28. 28.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) one owner runs it
  29. 29.A small business selling jute bags had a revenue of ₹600 and a profit of ₹220. What were its costs (in ₹)?
  30. 30.A small business sells 19 cupcakes at ₹20 each. What is its revenue (in ₹)?
  31. 31.A small business sells 12 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
  32. 32.A small business selling clay diyas had a revenue of ₹1110 and a profit of ₹1080. What were its costs (in ₹)?
  33. 33.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
  34. 34.A small business sells 58 cupcakes at ₹5 each. What is its revenue (in ₹)?
  35. 35.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
  36. 36.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) owner keeps all profit
  37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) run by directors
  38. 38.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
  39. 39.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
  40. 40.True or false: “owned by shareholders” is true of a company. (a) False (b) True

Answer key

  1. 1470
  2. 630
  3. True
  4. 70
  5. a sole trader
  6. 155
  7. 920
  8. 120
  9. a separate legal body
  10. True
  11. 410
  12. revenue
  13. 80
  14. True
  15. its shareholders
  16. one owner runs it
  17. False
  18. owners’ risk is limited
  19. revenue
  20. revenue
  21. a sole trader
  22. profit
  23. 180
  24. 90
  25. 280
  26. a company
  27. a company
  28. owned by shareholders
  29. 380
  30. 380
  31. 300
  32. 30
  33. True
  34. 290
  35. a sole trader
  36. run by directors
  37. owner keeps all profit
  38. a company
  39. False
  40. True

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