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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 403 · 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 37 glasses of chai at ₹40 each. What is its revenue (in ₹)?
  2. 2.A small business selling fruit cups had a revenue of ₹1820 and a profit of ₹1490. What were its costs (in ₹)?
  3. 3.A small business sells 30 glasses of chai at ₹5 each. What is its revenue (in ₹)?
  4. 4.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
  5. 5.A small business sells 30 jute bags at ₹30 each. What is its revenue (in ₹)?
  6. 6.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
  7. 7.A small business sells 42 clay diyas at ₹25 each. What is its revenue (in ₹)?
  8. 8.A small business selling cupcakes had a revenue of ₹2150 and a profit of ₹1970. What were its costs (in ₹)?
  9. 9.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  11. 11.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
  12. 12.A small business selling bags of popcorn had a revenue of ₹1620 and a profit of ₹1480. What were its costs (in ₹)?
  13. 13.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) a separate legal body
  14. 14.A small business sells 33 glasses of chai at ₹10 each. What is its revenue (in ₹)?
  15. 15.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
  16. 16.A small business sells 45 bags of popcorn at ₹10 each. Its costs are ₹390. What is its profit (in ₹)?
  17. 17.A small business sells 48 paper bookmarks at ₹25 each. Its costs are ₹1040. What is its profit (in ₹)?
  18. 18.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  19. 19.A small business sells 26 handmade cards at ₹20 each. Its costs are ₹320. What is its profit (in ₹)?
  20. 20.A small business sells 12 painted pebbles at ₹15 each. What is its revenue (in ₹)?
  21. 21.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
  22. 22.A small business sells 16 potted plants at ₹25 each. What is its revenue (in ₹)?
  23. 23.A small business sells 36 cups of lemonade at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
  24. 24.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) owned by shareholders
  25. 25.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) owned by shareholders
  26. 26.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) one owner runs it
  27. 27.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
  28. 28.A small business selling paper bookmarks had a revenue of ₹810 and a profit of ₹760. What were its costs (in ₹)?
  29. 29.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
  30. 30.A small business sells 29 jute bags at ₹5 each. What is its revenue (in ₹)?
  31. 31.A small business selling painted pebbles had a revenue of ₹285 and a profit of ₹245. What were its costs (in ₹)?
  32. 32.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
  33. 33.True or false: “a separate legal body” is true of a company. (a) False (b) True
  34. 34.A small business selling clay diyas had a revenue of ₹1680 and a profit of ₹920. What were its costs (in ₹)?
  35. 35.True or false: “simplest to start” is true of a company. (a) False (b) True
  36. 36.A small business selling painted pebbles had a revenue of ₹750 and a profit of ₹640. What were its costs (in ₹)?
  37. 37.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
  38. 38.A small business sells 33 cups of lemonade at ₹25 each. Its costs are ₹740. What is its profit (in ₹)?
  39. 39.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
  40. 40.A small business sells 27 painted pebbles at ₹20 each. What is its revenue (in ₹)?

Answer key

  1. 1480
  2. 330
  3. 150
  4. owner owes the debts
  5. 900
  6. a sole trader
  7. 1050
  8. 180
  9. revenue
  10. a company
  11. a one-owner business
  12. 140
  13. a separate legal body
  14. 330
  15. True
  16. 60
  17. 160
  18. a company
  19. 200
  20. 180
  21. owners’ risk is limited
  22. 400
  23. 500
  24. owned by shareholders
  25. simplest to start
  26. one owner runs it
  27. profit
  28. 50
  29. a company
  30. 145
  31. 40
  32. a sole trader
  33. True
  34. 760
  35. False
  36. 110
  37. a company
  38. 85
  39. profit
  40. 540

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