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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 289 · 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 sole trader? (a) run by directors (b) a separate legal body (c) owner owes the debts (d) owners’ risk is limited
  2. 2.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) a separate legal body (d) simplest to start
  3. 3.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
  4. 4.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  5. 5.A small business selling jute bags had a revenue of ₹925 and a profit of ₹915. What were its costs (in ₹)?
  6. 6.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
  7. 7.A small business sells 13 clay diyas at ₹50 each. What is its revenue (in ₹)?
  8. 8.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) simplest to start
  10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
  11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner keeps all profit
  12. 12.A small business selling cupcakes had a revenue of ₹1160 and a profit of ₹510. What were its costs (in ₹)?
  13. 13.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
  14. 14.A small business sells 47 potted plants at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
  15. 15.A small business sells 35 painted pebbles at ₹50 each. Its costs are ₹1010. What is its profit (in ₹)?
  16. 16.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
  17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
  18. 18.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
  19. 19.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
  20. 20.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  21. 21.A small business selling jute bags had a revenue of ₹400 and a profit of ₹280. What were its costs (in ₹)?
  22. 22.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  23. 23.A small business sells 11 glasses of chai at ₹30 each. What is its revenue (in ₹)?
  24. 24.A small business sells 32 potted plants at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
  25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  26. 26.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
  27. 27.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
  28. 28.A small business sells 40 fruit cups at ₹15 each. Its costs are ₹570. What is its profit (in ₹)?
  29. 29.A small business selling cups of lemonade had a revenue of ₹280 and a profit of ₹190. What were its costs (in ₹)?
  30. 30.A small business selling cups of lemonade had a revenue of ₹420 and a profit of ₹380. What were its costs (in ₹)?
  31. 31.True or false: “owned by shareholders” is true of a company. (a) True (b) False
  32. 32.A small business sells 21 painted pebbles at ₹50 each. What is its revenue (in ₹)?
  33. 33.A small business selling clay diyas had a revenue of ₹600 and a profit of ₹500. What were its costs (in ₹)?
  34. 34.A small business sells 49 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
  35. 35.A small business sells 10 painted pebbles at ₹20 each. What is its revenue (in ₹)?
  36. 36.A small business sells 53 painted pebbles at ₹40 each. What is its revenue (in ₹)?
  37. 37.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
  38. 38.A small business sells 55 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
  39. 39.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
  40. 40.A small business sells 30 potted plants at ₹35 each. Its costs are ₹50. What is its profit (in ₹)?

Answer key

  1. owner owes the debts
  2. a separate legal body
  3. an adult or an expert
  4. revenue
  5. 10
  6. only with adult help
  7. 650
  8. profit
  9. simplest to start
  10. True
  11. owner keeps all profit
  12. 650
  13. True
  14. 675
  15. 740
  16. profit
  17. one owner runs it
  18. a sole trader
  19. revenue
  20. a sole trader
  21. 120
  22. a company
  23. 330
  24. 90
  25. a company
  26. revenue
  27. True
  28. 30
  29. 90
  30. 40
  31. True
  32. 1050
  33. 100
  34. 1225
  35. 200
  36. 2120
  37. its shareholders
  38. 2200
  39. a one-owner business
  40. 1000

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