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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 263 · 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.A small business selling clay diyas had a revenue of ₹240 and a profit of ₹110. What were its costs (in ₹)?
  2. 2.A small business sells 12 cupcakes at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
  3. 3.A small business sells 21 painted pebbles at ₹30 each. Its costs are ₹420. What is its profit (in ₹)?
  4. 4.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
  5. 5.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) one owner runs it (d) simplest to start
  6. 6.A small business selling friendship bands had a revenue of ₹600 and a profit of ₹480. What were its costs (in ₹)?
  7. 7.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
  8. 8.A small business sells 18 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
  9. 9.A small business sells 38 potted plants at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
  10. 10.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
  11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  12. 12.A small business sells 54 handmade cards at ₹45 each. What is its revenue (in ₹)?
  13. 13.A small business selling glasses of chai had a revenue of ₹180 and a profit of ₹10. What were its costs (in ₹)?
  14. 14.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
  15. 15.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  16. 16.True or false: “owned by shareholders” is true of a company. (a) False (b) True
  17. 17.A small business sells 23 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
  18. 18.True or false: “one owner runs it” is true of a company. (a) False (b) True
  19. 19.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
  20. 20.A small business selling jute bags had a revenue of ₹100 and a profit of ₹80. What were its costs (in ₹)?
  21. 21.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
  22. 22.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
  23. 23.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
  24. 24.Which of these is true of a company? (a) simplest to start (b) run by directors (c) one owner runs it (d) owner keeps all profit
  25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  26. 26.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
  27. 27.A small business sells 43 clay diyas at ₹40 each. What is its revenue (in ₹)?
  28. 28.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) run by directors (d) a separate legal body
  29. 29.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
  30. 30.A small business selling potted plants had a revenue of ₹1025 and a profit of ₹225. What were its costs (in ₹)?
  31. 31.📜 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
  32. 32.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
  33. 33.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
  34. 34.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
  35. 35.A small business selling painted pebbles had a revenue of ₹2200 and a profit of ₹510. What were its costs (in ₹)?
  36. 36.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  37. 37.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
  38. 38.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  39. 39.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) run by directors
  40. 40.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers

Answer key

  1. 130
  2. 40
  3. 210
  4. owned by shareholders
  5. a separate legal body
  6. 120
  7. one owner runs it
  8. 540
  9. 270
  10. only with adult help
  11. a sole trader
  12. 2430
  13. 170
  14. profit
  15. a company
  16. True
  17. 345
  18. False
  19. True
  20. 20
  21. profit
  22. False
  23. False
  24. run by directors
  25. a sole trader
  26. True
  27. 1720
  28. owner owes the debts
  29. False
  30. 800
  31. an adult or an expert
  32. owners’ risk is limited
  33. a company
  34. a company
  35. 1690
  36. a sole trader
  37. False
  38. profit
  39. owner keeps all profit
  40. its shareholders

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