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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 171 · 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.

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  1. 1.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) run by directors
  2. 2.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
  3. 3.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
  4. 4.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  5. 5.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  6. 6.A small business sells 18 glasses of chai at ₹45 each. What is its revenue (in ₹)?
  7. 7.A small business selling glasses of chai had a revenue of ₹195 and a profit of ₹185. What were its costs (in ₹)?
  8. 8.A small business selling clay diyas had a revenue of ₹900 and a profit of ₹670. What were its costs (in ₹)?
  9. 9.A small business sells 28 handmade cards at ₹40 each. Its costs are ₹690. What is its profit (in ₹)?
  10. 10.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
  11. 11.A small business sells 16 cupcakes at ₹20 each. Its costs are ₹270. What is its profit (in ₹)?
  12. 12.A small business selling bags of popcorn had a revenue of ₹630 and a profit of ₹100. What were its costs (in ₹)?
  13. 13.A small business selling cups of lemonade had a revenue of ₹1160 and a profit of ₹1140. What were its costs (in ₹)?
  14. 14.A small business sells 12 fruit cups at ₹20 each. What is its revenue (in ₹)?
  15. 15.A small business sells 48 potted plants at ₹20 each. Its costs are ₹250. What is its profit (in ₹)?
  16. 16.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
  17. 17.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
  18. 18.A small business sells 11 glasses of chai at ₹25 each. Its costs are ₹190. What is its profit (in ₹)?
  19. 19.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
  20. 20.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
  21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  22. 22.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
  23. 23.A small business sells 28 bags of popcorn at ₹20 each. Its costs are ₹20. What is its profit (in ₹)?
  24. 24.A small business sells 17 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
  25. 25.A small business sells 33 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
  26. 26.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
  27. 27.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
  28. 28.True or false: “run by directors” is true of a company. (a) False (b) True
  29. 29.A small business sells 17 glasses of chai at ₹35 each. What is its revenue (in ₹)?
  30. 30.A small business sells 14 handmade cards at ₹50 each. What is its revenue (in ₹)?
  31. 31.A small business selling handmade cards had a revenue of ₹200 and a profit of ₹190. What were its costs (in ₹)?
  32. 32.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
  33. 33.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owners’ risk is limited (d) a separate legal body
  34. 34.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
  35. 35.A small business selling paper bookmarks had a revenue of ₹490 and a profit of ₹450. What were its costs (in ₹)?
  36. 36.A small business selling painted pebbles had a revenue of ₹1025 and a profit of ₹45. What were its costs (in ₹)?
  37. 37.A small business sells 53 bags of popcorn at ₹50 each. Its costs are ₹2610. What is its profit (in ₹)?
  38. 38.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
  39. 39.A small business sells 27 clay diyas at ₹20 each. What is its revenue (in ₹)?
  40. 40.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False

Answer key

  1. run by directors
  2. its shareholders
  3. only with adult help
  4. revenue
  5. a company
  6. 810
  7. 10
  8. 230
  9. 430
  10. revenue
  11. 50
  12. 530
  13. 20
  14. 240
  15. 710
  16. a company
  17. an adult or an expert
  18. 85
  19. True
  20. owners’ risk is limited
  21. a sole trader
  22. a separate legal body
  23. 540
  24. 595
  25. 495
  26. a sole trader
  27. profit
  28. True
  29. 595
  30. 700
  31. 10
  32. a one-owner business
  33. one owner runs it
  34. a company
  35. 40
  36. 980
  37. 40
  38. True
  39. 540
  40. False

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