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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 330 · 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 handmade cards had a revenue of ₹820 and a profit of ₹310. What were its costs (in ₹)?
  2. 2.A small business sells 49 potted plants at ₹35 each. What is its revenue (in ₹)?
  3. 3.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) simplest to start
  4. 4.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) run by directors (d) owners’ risk is limited
  5. 5.A small business sells 50 jute bags at ₹45 each. Its costs are ₹1700. What is its profit (in ₹)?
  6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
  7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
  8. 8.A small business selling paper bookmarks had a revenue of ₹650 and a profit of ₹70. What were its costs (in ₹)?
  9. 9.True or false: “run by directors” is true of a sole trader. (a) True (b) False
  10. 10.A small business selling cups of lemonade had a revenue of ₹1700 and a profit of ₹1240. What were its costs (in ₹)?
  11. 11.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
  12. 12.A small business sells 16 fruit cups at ₹40 each. What is its revenue (in ₹)?
  13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owned by shareholders
  14. 14.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
  15. 15.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
  16. 16.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
  17. 17.A small business sells 55 fruit cups at ₹40 each. Its costs are ₹470. What is its profit (in ₹)?
  18. 18.A small business selling fruit cups had a revenue of ₹765 and a profit of ₹525. What were its costs (in ₹)?
  19. 19.A small business sells 18 bags of popcorn at ₹50 each. Its costs are ₹260. What is its profit (in ₹)?
  20. 20.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) one owner runs it (d) simplest to start
  21. 21.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
  22. 22.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
  23. 23.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
  24. 24.A small business selling fruit cups had a revenue of ₹770 and a profit of ₹350. What were its costs (in ₹)?
  25. 25.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) run by directors
  26. 26.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
  27. 27.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
  28. 28.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) one owner runs it
  29. 29.A small business sells 35 cupcakes at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
  30. 30.A small business sells 42 handmade cards at ₹35 each. What is its revenue (in ₹)?
  31. 31.A small business sells 49 jute bags at ₹10 each. Its costs are ₹170. What is its profit (in ₹)?
  32. 32.A small business sells 41 glasses of chai at ₹20 each. What is its revenue (in ₹)?
  33. 33.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
  34. 34.A small business sells 34 glasses of chai at ₹35 each. What is its revenue (in ₹)?
  35. 35.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
  36. 36.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  37. 37.True or false: “one owner runs it” is true of a company. (a) True (b) False
  38. 38.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
  39. 39.A small business selling bags of popcorn had a revenue of ₹870 and a profit of ₹710. What were its costs (in ₹)?
  40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader

Answer key

  1. 510
  2. 1715
  3. a separate legal body
  4. owner owes the debts
  5. 550
  6. profit
  7. a sole trader
  8. 580
  9. False
  10. 460
  11. its shareholders
  12. 640
  13. simplest to start
  14. False
  15. an adult or an expert
  16. owner keeps all profit
  17. 1730
  18. 240
  19. 640
  20. run by directors
  21. a one-owner business
  22. True
  23. profit
  24. 420
  25. one owner runs it
  26. profit
  27. a company
  28. owned by shareholders
  29. 320
  30. 1470
  31. 320
  32. 820
  33. revenue
  34. 1190
  35. True
  36. a sole trader
  37. False
  38. True
  39. 160
  40. a company

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