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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 396 · 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 sells 11 potted plants at ₹45 each. What is its revenue (in ₹)?
  2. 2.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
  3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) run by directors
  4. 4.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
  5. 5.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
  6. 6.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
  7. 7.A small business selling bags of popcorn had a revenue of ₹1600 and a profit of ₹890. What were its costs (in ₹)?
  8. 8.A small business sells 30 handmade cards at ₹10 each. What is its revenue (in ₹)?
  9. 9.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owners’ risk is limited (d) a separate legal body
  10. 10.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
  11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  12. 12.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
  13. 13.A small business sells 11 painted pebbles at ₹45 each. Its costs are ₹180. What is its profit (in ₹)?
  14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
  15. 15.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
  16. 16.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owned by shareholders (d) one owner runs it
  17. 17.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  18. 18.A small business sells 30 handmade cards at ₹15 each. What is its revenue (in ₹)?
  19. 19.A small business selling fruit cups had a revenue of ₹640 and a profit of ₹510. What were its costs (in ₹)?
  20. 20.A small business selling jute bags had a revenue of ₹115 and a profit of ₹95. What were its costs (in ₹)?
  21. 21.A small business selling cups of lemonade had a revenue of ₹480 and a profit of ₹370. What were its costs (in ₹)?
  22. 22.A small business selling fruit cups had a revenue of ₹800 and a profit of ₹200. What were its costs (in ₹)?
  23. 23.A small business sells 37 cups of lemonade at ₹10 each. Its costs are ₹250. What is its profit (in ₹)?
  24. 24.A small business sells 21 potted plants at ₹35 each. What is its revenue (in ₹)?
  25. 25.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
  26. 26.A small business selling glasses of chai had a revenue of ₹675 and a profit of ₹365. What were its costs (in ₹)?
  27. 27.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
  28. 28.A small business sells 31 painted pebbles at ₹25 each. Its costs are ₹610. What is its profit (in ₹)?
  29. 29.A small business selling glasses of chai had a revenue of ₹1325 and a profit of ₹425. What were its costs (in ₹)?
  30. 30.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  31. 31.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
  32. 32.A small business selling cups of lemonade had a revenue of ₹55 and a profit of ₹35. What were its costs (in ₹)?
  33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
  34. 34.A small business selling cupcakes had a revenue of ₹1180 and a profit of ₹690. What were its costs (in ₹)?
  35. 35.A small business selling fruit cups had a revenue of ₹1250 and a profit of ₹880. What were its costs (in ₹)?
  36. 36.A small business sells 10 painted pebbles at ₹35 each. Its costs are ₹310. What is its profit (in ₹)?
  37. 37.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
  38. 38.True or false: “owner owes the debts” is true of a company. (a) True (b) False
  39. 39.A small business selling clay diyas had a revenue of ₹160 and a profit of ₹120. What were its costs (in ₹)?
  40. 40.A small business sells 10 potted plants at ₹5 each. What is its revenue (in ₹)?

Answer key

  1. 495
  2. only with adult help
  3. one owner runs it
  4. profit
  5. an adult or an expert
  6. revenue
  7. 710
  8. 300
  9. owner keeps all profit
  10. a company
  11. a sole trader
  12. its shareholders
  13. 315
  14. revenue
  15. True
  16. owned by shareholders
  17. a company
  18. 450
  19. 130
  20. 20
  21. 110
  22. 600
  23. 120
  24. 735
  25. True
  26. 310
  27. a separate legal body
  28. 165
  29. 900
  30. a sole trader
  31. a company
  32. 20
  33. revenue
  34. 490
  35. 370
  36. 40
  37. False
  38. False
  39. 40
  40. 50

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