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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 369 · 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.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  2. 2.A small business sells 31 painted pebbles at ₹10 each. What is its revenue (in ₹)?
  3. 3.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
  4. 4.True or false: “simplest to start” is true of a company. (a) True (b) False
  5. 5.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
  6. 6.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
  7. 7.A small business sells 29 friendship bands at ₹10 each. Its costs are ₹280. What is its profit (in ₹)?
  8. 8.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
  9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) a separate legal body (d) run by directors
  10. 10.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) simplest to start (d) owner owes the debts
  11. 11.A small business selling friendship bands had a revenue of ₹525 and a profit of ₹255. What were its costs (in ₹)?
  12. 12.A small business sells 50 painted pebbles at ₹40 each. Its costs are ₹1310. What is its profit (in ₹)?
  13. 13.A small business sells 54 fruit cups at ₹40 each. What is its revenue (in ₹)?
  14. 14.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) owned by shareholders (d) run by directors
  15. 15.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
  16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
  17. 17.A small business selling painted pebbles had a revenue of ₹100 and a profit of ₹90. What were its costs (in ₹)?
  18. 18.A small business sells 33 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
  19. 19.A small business selling clay diyas had a revenue of ₹340 and a profit of ₹250. What were its costs (in ₹)?
  20. 20.A small business sells 39 friendship bands at ₹15 each. Its costs are ₹230. What is its profit (in ₹)?
  21. 21.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
  22. 22.A small business sells 10 glasses of chai at ₹50 each. Its costs are ₹130. What is its profit (in ₹)?
  23. 23.A small business sells 53 cupcakes at ₹50 each. What is its revenue (in ₹)?
  24. 24.A small business sells 50 fruit cups at ₹25 each. What is its revenue (in ₹)?
  25. 25.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
  26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  27. 27.A small business selling cups of lemonade had a revenue of ₹1300 and a profit of ₹1020. What were its costs (in ₹)?
  28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  29. 29.A small business sells 24 jute bags at ₹10 each. What is its revenue (in ₹)?
  30. 30.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  31. 31.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
  32. 32.A small business selling potted plants had a revenue of ₹480 and a profit of ₹450. What were its costs (in ₹)?
  33. 33.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
  34. 34.A small business selling handmade cards had a revenue of ₹920 and a profit of ₹880. What were its costs (in ₹)?
  35. 35.A small business selling painted pebbles had a revenue of ₹950 and a profit of ₹860. What were its costs (in ₹)?
  36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) run by directors
  37. 37.True or false: “a separate legal body” is true of a company. (a) False (b) True
  38. 38.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
  39. 39.A small business selling paper bookmarks had a revenue of ₹1280 and a profit of ₹700. What were its costs (in ₹)?
  40. 40.A small business sells 51 friendship bands at ₹40 each. Its costs are ₹920. What is its profit (in ₹)?

Answer key

  1. a sole trader
  2. 310
  3. True
  4. False
  5. profit
  6. revenue
  7. 10
  8. a separate legal body
  9. simplest to start
  10. owned by shareholders
  11. 270
  12. 690
  13. 2160
  14. owner keeps all profit
  15. only with adult help
  16. profit
  17. 10
  18. 495
  19. 90
  20. 355
  21. a company
  22. 370
  23. 2650
  24. 1250
  25. True
  26. a sole trader
  27. 280
  28. a company
  29. 240
  30. a sole trader
  31. False
  32. 30
  33. an adult or an expert
  34. 40
  35. 90
  36. one owner runs it
  37. True
  38. a company
  39. 580
  40. 1120

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