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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 136 · 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 55 handmade cards at ₹5 each. What is its revenue (in ₹)?
  2. 2.A small business selling fruit cups had a revenue of ₹660 and a profit of ₹330. What were its costs (in ₹)?
  3. 3.A small business sells 14 friendship bands at ₹15 each. What is its revenue (in ₹)?
  4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
  7. 7.A small business selling potted plants had a revenue of ₹2000 and a profit of ₹650. What were its costs (in ₹)?
  8. 8.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
  9. 9.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner keeps all profit (d) owner owes the debts
  10. 10.A small business sells 21 painted pebbles at ₹20 each. What is its revenue (in ₹)?
  11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) run by directors
  12. 12.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
  13. 13.A small business sells 59 painted pebbles at ₹5 each. Its costs are ₹280. What is its profit (in ₹)?
  14. 14.A small business sells 24 potted plants at ₹20 each. What is its revenue (in ₹)?
  15. 15.True or false: “owned by shareholders” is true of a company. (a) True (b) False
  16. 16.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
  17. 17.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) run by directors (d) one owner runs it
  18. 18.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
  19. 19.A small business sells 57 clay diyas at ₹15 each. What is its revenue (in ₹)?
  20. 20.A small business selling cupcakes had a revenue of ₹1475 and a profit of ₹685. What were its costs (in ₹)?
  21. 21.A small business selling glasses of chai had a revenue of ₹320 and a profit of ₹140. What were its costs (in ₹)?
  22. 22.A small business selling friendship bands had a revenue of ₹600 and a profit of ₹260. What were its costs (in ₹)?
  23. 23.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
  24. 24.A small business sells 56 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
  25. 25.A small business selling friendship bands had a revenue of ₹95 and a profit of ₹45. What were its costs (in ₹)?
  26. 26.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
  27. 27.A small business sells 14 fruit cups at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
  28. 28.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
  29. 29.A small business sells 23 painted pebbles at ₹5 each. What is its revenue (in ₹)?
  30. 30.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
  31. 31.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
  32. 32.A small business sells 43 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
  33. 33.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
  34. 34.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
  35. 35.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
  36. 36.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
  37. 37.A small business sells 16 clay diyas at ₹45 each. What is its revenue (in ₹)?
  38. 38.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
  39. 39.True or false: “owner owes the debts” is true of a company. (a) False (b) True
  40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False

Answer key

  1. 275
  2. 330
  3. 210
  4. a sole trader
  5. a sole trader
  6. a company
  7. 1350
  8. False
  9. owned by shareholders
  10. 420
  11. one owner runs it
  12. a sole trader
  13. 15
  14. 480
  15. True
  16. an adult or an expert
  17. run by directors
  18. a sole trader
  19. 855
  20. 790
  21. 180
  22. 340
  23. its shareholders
  24. 1960
  25. 50
  26. profit
  27. 100
  28. False
  29. 115
  30. a company
  31. revenue
  32. 430
  33. profit
  34. revenue
  35. True
  36. profit
  37. 720
  38. revenue
  39. False
  40. True

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