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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 139 · 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.True or false: “owned by shareholders” is true of a company. (a) False (b) True
  2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owned by shareholders
  3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  4. 4.True or false: “simplest to start” is true of a company. (a) True (b) False
  5. 5.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
  6. 6.A small business selling clay diyas had a revenue of ₹125 and a profit of ₹105. What were its costs (in ₹)?
  7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
  8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) run by directors
  9. 9.A small business selling painted pebbles had a revenue of ₹2120 and a profit of ₹450. What were its costs (in ₹)?
  10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
  11. 11.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) run by directors
  12. 12.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
  13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  14. 14.A small business sells 46 cupcakes at ₹40 each. What is its revenue (in ₹)?
  15. 15.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
  16. 16.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
  17. 17.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
  18. 18.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  19. 19.A small business selling jute bags had a revenue of ₹620 and a profit of ₹480. What were its costs (in ₹)?
  20. 20.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
  21. 21.A small business selling bags of popcorn had a revenue of ₹225 and a profit of ₹205. What were its costs (in ₹)?
  22. 22.A small business sells 27 handmade cards at ₹15 each. What is its revenue (in ₹)?
  23. 23.A small business sells 22 fruit cups at ₹45 each. Its costs are ₹290. What is its profit (in ₹)?
  24. 24.A small business sells 59 glasses of chai at ₹50 each. Its costs are ₹2190. What is its profit (in ₹)?
  25. 25.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
  26. 26.A small business sells 30 cups of lemonade at ₹30 each. Its costs are ₹160. What is its profit (in ₹)?
  27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  28. 28.A small business selling handmade cards had a revenue of ₹780 and a profit of ₹320. What were its costs (in ₹)?
  29. 29.A small business sells 25 bags of popcorn at ₹45 each. Its costs are ₹980. What is its profit (in ₹)?
  30. 30.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) a separate legal body
  31. 31.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
  32. 32.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
  33. 33.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
  34. 34.A small business selling fruit cups had a revenue of ₹540 and a profit of ₹270. What were its costs (in ₹)?
  35. 35.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner keeps all profit (d) simplest to start
  36. 36.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
  37. 37.A small business selling glasses of chai had a revenue of ₹150 and a profit of ₹90. What were its costs (in ₹)?
  38. 38.A small business selling handmade cards had a revenue of ₹250 and a profit of ₹30. What were its costs (in ₹)?
  39. 39.A small business selling jute bags had a revenue of ₹1920 and a profit of ₹1180. What were its costs (in ₹)?
  40. 40.A small business sells 59 cups of lemonade at ₹10 each. What is its revenue (in ₹)?

Answer key

  1. True
  2. owner keeps all profit
  3. a sole trader
  4. False
  5. True
  6. 20
  7. profit
  8. one owner runs it
  9. 1670
  10. a company
  11. run by directors
  12. a company
  13. profit
  14. 1840
  15. True
  16. revenue
  17. False
  18. a company
  19. 140
  20. a company
  21. 20
  22. 405
  23. 700
  24. 760
  25. owner owes the debts
  26. 740
  27. a sole trader
  28. 460
  29. 145
  30. a separate legal body
  31. a sole trader
  32. a sole trader
  33. False
  34. 270
  35. owned by shareholders
  36. an adult or an expert
  37. 60
  38. 220
  39. 740
  40. 590

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