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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 445 · 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.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
  2. 2.A small business sells 19 cups of lemonade at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
  3. 3.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  4. 4.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
  5. 5.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
  6. 6.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner keeps all profit (d) run by directors
  7. 7.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) a separate legal body
  8. 8.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
  9. 9.A small business selling potted plants had a revenue of ₹1665 and a profit of ₹235. What were its costs (in ₹)?
  10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
  11. 11.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts
  12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  13. 13.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
  14. 14.A small business sells 10 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
  15. 15.True or false: “run by directors” is true of a company. (a) True (b) False
  16. 16.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
  17. 17.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
  18. 18.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
  19. 19.A small business sells 51 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
  20. 20.A small business selling clay diyas had a revenue of ₹190 and a profit of ₹50. What were its costs (in ₹)?
  21. 21.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
  22. 22.A small business sells 45 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
  23. 23.A small business sells 57 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
  24. 24.A small business sells 43 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
  25. 25.A small business selling painted pebbles had a revenue of ₹760 and a profit of ₹220. What were its costs (in ₹)?
  26. 26.A small business sells 49 paper bookmarks at ₹20 each. Its costs are ₹900. What is its profit (in ₹)?
  27. 27.A small business sells 34 glasses of chai at ₹35 each. What is its revenue (in ₹)?
  28. 28.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owned by shareholders (d) one owner runs it
  29. 29.A small business selling friendship bands had a revenue of ₹2450 and a profit of ₹1000. What were its costs (in ₹)?
  30. 30.True or false: “simplest to start” is true of a company. (a) False (b) True
  31. 31.A small business selling friendship bands had a revenue of ₹1040 and a profit of ₹680. What were its costs (in ₹)?
  32. 32.A small business sells 23 handmade cards at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
  33. 33.A small business sells 53 glasses of chai at ₹45 each. Its costs are ₹2300. What is its profit (in ₹)?
  34. 34.True or false: “owned by shareholders” is true of a company. (a) False (b) True
  35. 35.A small business sells 52 friendship bands at ₹15 each. Its costs are ₹260. What is its profit (in ₹)?
  36. 36.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  37. 37.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
  38. 38.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
  39. 39.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
  40. 40.A small business sells 55 glasses of chai at ₹50 each. What is its revenue (in ₹)?

Answer key

  1. profit
  2. 140
  3. a sole trader
  4. its shareholders
  5. a company
  6. owner keeps all profit
  7. a separate legal body
  8. profit
  9. 1430
  10. one owner runs it
  11. owner owes the debts
  12. a company
  13. revenue
  14. 200
  15. True
  16. profit
  17. True
  18. False
  19. 2295
  20. 140
  21. only with adult help
  22. 2250
  23. 855
  24. 1935
  25. 540
  26. 80
  27. 1190
  28. owned by shareholders
  29. 1450
  30. False
  31. 360
  32. 15
  33. 85
  34. True
  35. 520
  36. a sole trader
  37. False
  38. simplest to start
  39. True
  40. 2750

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