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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 229 · 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: run by directors? (a) a sole trader (b) a company
  2. 2.A small business selling handmade cards had a revenue of ₹380 and a profit of ₹170. What were its costs (in ₹)?
  3. 3.A small business sells 15 jute bags at ₹45 each. Its costs are ₹280. What is its profit (in ₹)?
  4. 4.A small business sells 32 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
  5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  6. 6.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
  7. 7.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
  8. 8.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
  9. 9.A small business sells 46 cups of lemonade at ₹25 each. Its costs are ₹20. What is its profit (in ₹)?
  10. 10.A small business selling glasses of chai had a revenue of ₹1530 and a profit of ₹920. What were its costs (in ₹)?
  11. 11.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) a separate legal body (d) run by directors
  12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) run by directors (d) owners’ risk is limited
  13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  14. 14.A small business sells 16 cupcakes at ₹50 each. Its costs are ₹340. What is its profit (in ₹)?
  15. 15.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
  16. 16.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
  17. 17.A small business sells 18 glasses of chai at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
  18. 18.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) a separate legal body
  19. 19.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  20. 20.A small business sells 45 fruit cups at ₹15 each. What is its revenue (in ₹)?
  21. 21.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
  22. 22.True or false: “simplest to start” is true of a company. (a) True (b) False
  23. 23.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
  24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
  25. 25.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
  26. 26.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
  27. 27.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
  28. 28.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
  29. 29.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) simplest to start (d) owner keeps all profit
  30. 30.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
  31. 31.A small business sells 59 clay diyas at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
  32. 32.A small business sells 33 friendship bands at ₹35 each. What is its revenue (in ₹)?
  33. 33.A small business selling cupcakes had a revenue of ₹360 and a profit of ₹160. What were its costs (in ₹)?
  34. 34.A small business sells 59 cupcakes at ₹15 each. Its costs are ₹840. What is its profit (in ₹)?
  35. 35.True or false: “a separate legal body” is true of a company. (a) False (b) True
  36. 36.A small business sells 41 clay diyas at ₹20 each. What is its revenue (in ₹)?
  37. 37.A small business selling potted plants had a revenue of ₹420 and a profit of ₹110. What were its costs (in ₹)?
  38. 38.A small business sells 50 potted plants at ₹5 each. Its costs are ₹210. What is its profit (in ₹)?
  39. 39.True or false: “run by directors” is true of a company. (a) False (b) True
  40. 40.A small business sells 36 potted plants at ₹20 each. What is its revenue (in ₹)?

Answer key

  1. a company
  2. 210
  3. 395
  4. 320
  5. a sole trader
  6. a sole trader
  7. profit
  8. one owner runs it
  9. 1130
  10. 610
  11. owner owes the debts
  12. simplest to start
  13. revenue
  14. 460
  15. an adult or an expert
  16. True
  17. 30
  18. a separate legal body
  19. a company
  20. 675
  21. its shareholders
  22. False
  23. profit
  24. a company
  25. a company
  26. owned by shareholders
  27. False
  28. revenue
  29. run by directors
  30. True
  31. 510
  32. 1155
  33. 200
  34. 45
  35. True
  36. 820
  37. 310
  38. 40
  39. True
  40. 720

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