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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 447 · 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 company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) a separate legal body
  2. 2.A small business sells 55 bags of popcorn at ₹30 each. Its costs are ₹950. What is its profit (in ₹)?
  3. 3.A small business sells 32 jute bags at ₹15 each. What is its revenue (in ₹)?
  4. 4.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  5. 5.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
  6. 6.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
  7. 7.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) a separate legal body (d) owned by shareholders
  8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
  9. 9.A small business sells 27 fruit cups at ₹10 each. Its costs are ₹240. What is its profit (in ₹)?
  10. 10.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
  11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
  12. 12.A small business sells 10 painted pebbles at ₹20 each. What is its revenue (in ₹)?
  13. 13.A small business sells 44 paper bookmarks at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
  14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  15. 15.A small business sells 59 glasses of chai at ₹35 each. What is its revenue (in ₹)?
  16. 16.A small business sells 32 friendship bands at ₹25 each. Its costs are ₹200. What is its profit (in ₹)?
  17. 17.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
  18. 18.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
  19. 19.A small business sells 31 handmade cards at ₹5 each. Its costs are ₹110. What is its profit (in ₹)?
  20. 20.A small business sells 10 cupcakes at ₹25 each. What is its revenue (in ₹)?
  21. 21.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
  22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  23. 23.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
  24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
  25. 25.True or false: “owned by shareholders” is true of a company. (a) True (b) False
  26. 26.A small business selling paper bookmarks had a revenue of ₹840 and a profit of ₹570. What were its costs (in ₹)?
  27. 27.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) simplest to start
  28. 28.A small business sells 21 clay diyas at ₹35 each. What is its revenue (in ₹)?
  29. 29.A small business selling cups of lemonade had a revenue of ₹2150 and a profit of ₹1850. What were its costs (in ₹)?
  30. 30.A small business selling cupcakes had a revenue of ₹1000 and a profit of ₹100. What were its costs (in ₹)?
  31. 31.True or false: “owner owes the debts” is true of a company. (a) False (b) True
  32. 32.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  33. 33.A small business sells 22 cupcakes at ₹20 each. What is its revenue (in ₹)?
  34. 34.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
  35. 35.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
  36. 36.True or false: “a separate legal body” is true of a company. (a) True (b) False
  37. 37.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
  38. 38.A small business sells 35 friendship bands at ₹50 each. What is its revenue (in ₹)?
  39. 39.A small business selling cups of lemonade had a revenue of ₹630 and a profit of ₹570. What were its costs (in ₹)?
  40. 40.A small business sells 48 painted pebbles at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?

Answer key

  1. a separate legal body
  2. 700
  3. 480
  4. a company
  5. owners’ risk is limited
  6. a one-owner business
  7. owner keeps all profit
  8. one owner runs it
  9. 30
  10. an adult or an expert
  11. a sole trader
  12. 200
  13. 210
  14. a sole trader
  15. 2065
  16. 600
  17. owner owes the debts
  18. False
  19. 45
  20. 250
  21. its shareholders
  22. a sole trader
  23. False
  24. revenue
  25. True
  26. 270
  27. run by directors
  28. 735
  29. 300
  30. 900
  31. False
  32. profit
  33. 440
  34. profit
  35. profit
  36. True
  37. False
  38. 1750
  39. 60
  40. 680

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