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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 276 · 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.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
  2. 2.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
  3. 3.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
  4. 4.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owners’ risk is limited
  5. 5.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
  6. 6.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  7. 7.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
  8. 8.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) one owner runs it (d) simplest to start
  9. 9.A small business sells 18 clay diyas at ₹15 each. What is its revenue (in ₹)?
  10. 10.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
  11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  12. 12.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
  13. 13.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) run by directors
  14. 14.True or false: “one owner runs it” is true of a company. (a) False (b) True
  15. 15.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
  16. 16.A small business sells 10 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
  17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
  18. 18.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
  19. 19.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
  20. 20.A small business sells 23 handmade cards at ₹15 each. What is its revenue (in ₹)?
  21. 21.True or false: “owner owes the debts” is true of a company. (a) True (b) False
  22. 22.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) owner owes the debts
  23. 23.A small business sells 24 glasses of chai at ₹45 each. What is its revenue (in ₹)?
  24. 24.A small business selling glasses of chai had a revenue of ₹55 and a profit of ₹25. What were its costs (in ₹)?
  25. 25.A small business sells 31 glasses of chai at ₹45 each. Its costs are ₹650. What is its profit (in ₹)?
  26. 26.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
  27. 27.A small business sells 49 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
  28. 28.A small business sells 15 glasses of chai at ₹40 each. What is its revenue (in ₹)?
  29. 29.A small business sells 10 fruit cups at ₹10 each. What is its revenue (in ₹)?
  30. 30.A small business selling fruit cups had a revenue of ₹555 and a profit of ₹455. What were its costs (in ₹)?
  31. 31.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  32. 32.A small business selling jute bags had a revenue of ₹1300 and a profit of ₹440. What were its costs (in ₹)?
  33. 33.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
  34. 34.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
  35. 35.True or false: “simplest to start” is true of a company. (a) True (b) False
  36. 36.A small business sells 13 potted plants at ₹35 each. What is its revenue (in ₹)?
  37. 37.A small business selling fruit cups had a revenue of ₹390 and a profit of ₹200. What were its costs (in ₹)?
  38. 38.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
  39. 39.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
  40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False

Answer key

  1. profit
  2. profit
  3. a sole trader
  4. one owner runs it
  5. revenue
  6. revenue
  7. a sole trader
  8. a separate legal body
  9. 270
  10. a company
  11. a company
  12. simplest to start
  13. owner keeps all profit
  14. False
  15. an adult or an expert
  16. 100
  17. owner owes the debts
  18. profit
  19. a one-owner business
  20. 345
  21. False
  22. run by directors
  23. 1080
  24. 30
  25. 745
  26. True
  27. 490
  28. 600
  29. 100
  30. 100
  31. a company
  32. 860
  33. profit
  34. owned by shareholders
  35. False
  36. 455
  37. 190
  38. its shareholders
  39. True
  40. False

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