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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 234 · 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) one owner runs it (b) owner keeps all profit (c) simplest to start (d) a separate legal body
  2. 2.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
  3. 3.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
  4. 4.A small business selling clay diyas had a revenue of ₹900 and a profit of ₹210. What were its costs (in ₹)?
  5. 5.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
  6. 6.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit
  7. 7.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
  8. 8.A small business selling clay diyas had a revenue of ₹350 and a profit of ₹250. What were its costs (in ₹)?
  9. 9.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owned by shareholders (d) owners’ risk is limited
  10. 10.True or false: “owner owes the debts” is true of a company. (a) False (b) True
  11. 11.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
  12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
  13. 13.A small business sells 56 fruit cups at ₹45 each. Its costs are ₹750. What is its profit (in ₹)?
  14. 14.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
  15. 15.A small business sells 48 painted pebbles at ₹40 each. Its costs are ₹120. What is its profit (in ₹)?
  16. 16.A small business sells 28 fruit cups at ₹10 each. What is its revenue (in ₹)?
  17. 17.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
  18. 18.A small business selling painted pebbles had a revenue of ₹575 and a profit of ₹375. What were its costs (in ₹)?
  19. 19.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
  20. 20.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
  21. 21.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
  22. 22.A small business sells 44 clay diyas at ₹50 each. What is its revenue (in ₹)?
  23. 23.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
  24. 24.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
  25. 25.A small business sells 32 glasses of chai at ₹5 each. Its costs are ₹150. What is its profit (in ₹)?
  26. 26.A small business sells 23 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
  27. 27.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
  28. 28.A small business sells 15 cups of lemonade at ₹30 each. Its costs are ₹250. What is its profit (in ₹)?
  29. 29.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
  30. 30.True or false: “run by directors” is true of a company. (a) False (b) True
  31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
  32. 32.A small business sells 32 cupcakes at ₹25 each. What is its revenue (in ₹)?
  33. 33.A small business sells 53 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
  34. 34.A small business sells 10 handmade cards at ₹35 each. Its costs are ₹330. 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.True or false: “one owner runs it” is true of a company. (a) False (b) True
  37. 37.A small business selling cupcakes had a revenue of ₹380 and a profit of ₹90. What were its costs (in ₹)?
  38. 38.A small business sells 35 glasses of chai at ₹30 each. What is its revenue (in ₹)?
  39. 39.A small business sells 12 handmade cards at ₹15 each. What is its revenue (in ₹)?
  40. 40.A small business selling potted plants had a revenue of ₹1440 and a profit of ₹1120. What were its costs (in ₹)?

Answer key

  1. a separate legal body
  2. owned by shareholders
  3. a sole trader
  4. 690
  5. a sole trader
  6. owners’ risk is limited
  7. a company
  8. 100
  9. simplest to start
  10. False
  11. one owner runs it
  12. revenue
  13. 1770
  14. True
  15. 1800
  16. 280
  17. only with adult help
  18. 200
  19. True
  20. a one-owner business
  21. owner keeps all profit
  22. 2200
  23. a company
  24. an adult or an expert
  25. 10
  26. 345
  27. revenue
  28. 200
  29. a company
  30. True
  31. profit
  32. 800
  33. 265
  34. 20
  35. True
  36. False
  37. 290
  38. 1050
  39. 180
  40. 320

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