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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 184 · 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.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
  2. 2.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
  3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
  4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
  5. 5.A small business sells 59 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
  6. 6.A small business sells 26 cupcakes at ₹5 each. What is its revenue (in ₹)?
  7. 7.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
  8. 8.A small business sells 42 handmade cards at ₹35 each. Its costs are ₹840. 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) owners’ risk is limited (d) one owner runs it
  10. 10.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
  11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner owes the debts
  12. 12.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
  13. 13.True or false: “one owner runs it” is true of a company. (a) False (b) True
  14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
  15. 15.A small business selling handmade cards had a revenue of ₹380 and a profit of ₹270. What were its costs (in ₹)?
  16. 16.A small business sells 29 glasses of chai at ₹45 each. What is its revenue (in ₹)?
  17. 17.A small business sells 11 painted pebbles at ₹50 each. Its costs are ₹450. What is its profit (in ₹)?
  18. 18.A small business sells 29 potted plants at ₹35 each. What is its revenue (in ₹)?
  19. 19.A small business sells 50 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
  20. 20.A small business sells 34 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
  21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
  22. 22.A small business sells 13 fruit cups at ₹45 each. Its costs are ₹530. What is its profit (in ₹)?
  23. 23.A small business sells 23 friendship bands at ₹15 each. What is its revenue (in ₹)?
  24. 24.A small business sells 10 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
  25. 25.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) simplest to start (d) owner keeps all profit
  26. 26.A small business sells 43 potted plants at ₹15 each. Its costs are ₹570. What is its profit (in ₹)?
  27. 27.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
  28. 28.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
  29. 29.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
  30. 30.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
  31. 31.A small business sells 60 cupcakes at ₹50 each. Its costs are ₹2510. What is its profit (in ₹)?
  32. 32.A small business sells 60 fruit cups at ₹50 each. What is its revenue (in ₹)?
  33. 33.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  34. 34.True or false: “run by directors” is true of a sole trader. (a) True (b) False
  35. 35.A small business selling bags of popcorn had a revenue of ₹1050 and a profit of ₹640. What were its costs (in ₹)?
  36. 36.True or false: “simplest to start” is true of a company. (a) False (b) True
  37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) run by directors
  38. 38.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
  39. 39.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
  40. 40.A small business selling friendship bands had a revenue of ₹175 and a profit of ₹35. What were its costs (in ₹)?

Answer key

  1. a sole trader
  2. a company
  3. revenue
  4. a sole trader
  5. 1180
  6. 130
  7. one owner runs it
  8. 630
  9. owners’ risk is limited
  10. profit
  11. owner owes the debts
  12. profit
  13. False
  14. revenue
  15. 110
  16. 1305
  17. 100
  18. 1015
  19. 1750
  20. 510
  21. False
  22. 55
  23. 345
  24. 200
  25. run by directors
  26. 75
  27. a sole trader
  28. only with adult help
  29. revenue
  30. owned by shareholders
  31. 490
  32. 3000
  33. profit
  34. False
  35. 410
  36. False
  37. owner keeps all profit
  38. False
  39. an adult or an expert
  40. 140

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