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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 375 · 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.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
  2. 2.A small business sells 28 cupcakes at ₹10 each. What is its revenue (in ₹)?
  3. 3.A small business sells 59 potted plants at ₹50 each. Its costs are ₹570. What is its profit (in ₹)?
  4. 4.A small business selling jute bags had a revenue of ₹440 and a profit of ₹180. What were its costs (in ₹)?
  5. 5.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
  6. 6.A small business sells 19 glasses of chai at ₹45 each. Its costs are ₹300. What is its profit (in ₹)?
  7. 7.A small business selling fruit cups had a revenue of ₹100 and a profit of ₹10. What were its costs (in ₹)?
  8. 8.A small business sells 35 glasses of chai at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
  9. 9.A small business selling cups of lemonade had a revenue of ₹400 and a profit of ₹10. What were its costs (in ₹)?
  10. 10.A small business sells 42 fruit cups at ₹45 each. What is its revenue (in ₹)?
  11. 11.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
  12. 12.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) a separate legal body
  13. 13.A small business sells 46 clay diyas at ₹10 each. Its costs are ₹380. What is its profit (in ₹)?
  14. 14.A small business selling painted pebbles had a revenue of ₹2000 and a profit of ₹1090. What were its costs (in ₹)?
  15. 15.A small business sells 12 handmade cards at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
  16. 16.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
  17. 17.A small business sells 18 potted plants at ₹15 each. Its costs are ₹150. What is its profit (in ₹)?
  18. 18.A small business sells 29 handmade cards at ₹40 each. Its costs are ₹260. What is its profit (in ₹)?
  19. 19.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
  20. 20.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
  21. 21.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
  22. 22.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
  23. 23.A small business sells 29 glasses of chai at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
  24. 24.A small business sells 12 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
  25. 25.A small business sells 42 fruit cups at ₹30 each. Its costs are ₹430. What is its profit (in ₹)?
  26. 26.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) one owner runs it
  27. 27.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
  28. 28.A small business sells 32 handmade cards at ₹30 each. What is its revenue (in ₹)?
  29. 29.A small business sells 12 bags of popcorn at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
  30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
  31. 31.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
  32. 32.A small business selling potted plants had a revenue of ₹480 and a profit of ₹160. What were its costs (in ₹)?
  33. 33.True or false: “run by directors” is true of a company. (a) False (b) True
  34. 34.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
  35. 35.A small business sells 37 friendship bands at ₹5 each. Its costs are ₹160. What is its profit (in ₹)?
  36. 36.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
  37. 37.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) owner keeps all profit
  38. 38.A small business sells 16 bags of popcorn at ₹15 each. Its costs are ₹70. What is its profit (in ₹)?
  39. 39.A small business selling painted pebbles had a revenue of ₹840 and a profit of ₹310. What were its costs (in ₹)?
  40. 40.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company

Answer key

  1. owner keeps all profit
  2. 280
  3. 2380
  4. 260
  5. a company
  6. 555
  7. 90
  8. 395
  9. 390
  10. 1890
  11. a sole trader
  12. a separate legal body
  13. 80
  14. 910
  15. 20
  16. False
  17. 120
  18. 900
  19. profit
  20. its shareholders
  21. profit
  22. True
  23. 85
  24. 540
  25. 830
  26. run by directors
  27. revenue
  28. 960
  29. 100
  30. profit
  31. a sole trader
  32. 320
  33. True
  34. a one-owner business
  35. 25
  36. False
  37. owned by shareholders
  38. 170
  39. 530
  40. a sole trader

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