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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 529 · 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 20 cups of lemonade at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
  2. 2.A small business selling potted plants had a revenue of ₹220 and a profit of ₹200. What were its costs (in ₹)?
  3. 3.A small business sells 52 cupcakes at ₹15 each. Its costs are ₹440. What is its profit (in ₹)?
  4. 4.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) run by directors (d) owner keeps all profit
  5. 5.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
  6. 6.A small business sells 37 fruit cups at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
  7. 7.A small business selling clay diyas had a revenue of ₹570 and a profit of ₹480. What were its costs (in ₹)?
  8. 8.A small business selling cups of lemonade had a revenue of ₹1980 and a profit of ₹610. What were its costs (in ₹)?
  9. 9.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
  10. 10.True or false: “run by directors” is true of a sole trader. (a) False (b) True
  11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
  12. 12.A small business sells 12 bags of popcorn at ₹35 each. Its costs are ₹290. What is its profit (in ₹)?
  13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  14. 14.A small business sells 23 clay diyas at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
  15. 15.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
  16. 16.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
  17. 17.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
  18. 18.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) one owner runs it (d) owned by shareholders
  19. 19.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner keeps all profit (d) one owner runs it
  20. 20.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
  22. 22.A small business sells 19 handmade cards at ₹45 each. Its costs are ₹260. What is its profit (in ₹)?
  23. 23.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
  24. 24.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
  25. 25.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
  26. 26.A small business sells 60 fruit cups at ₹45 each. Its costs are ₹2310. What is its profit (in ₹)?
  27. 27.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
  28. 28.A small business sells 27 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
  29. 29.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
  30. 30.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
  31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
  32. 32.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
  33. 33.A small business sells 21 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
  34. 34.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  36. 36.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
  37. 37.True or false: “owner owes the debts” is true of a company. (a) False (b) True
  38. 38.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
  39. 39.True or false: “one owner runs it” is true of a company. (a) True (b) False
  40. 40.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True

Answer key

  1. 40
  2. 20
  3. 340
  4. run by directors
  5. owner keeps all profit
  6. 395
  7. 90
  8. 1370
  9. a sole trader
  10. False
  11. a company
  12. 130
  13. a sole trader
  14. 220
  15. True
  16. True
  17. profit
  18. one owner runs it
  19. owners’ risk is limited
  20. a sole trader
  21. a sole trader
  22. 595
  23. its shareholders
  24. profit
  25. a one-owner business
  26. 390
  27. False
  28. 270
  29. owned by shareholders
  30. False
  31. a company
  32. True
  33. 735
  34. a company
  35. revenue
  36. True
  37. False
  38. revenue
  39. False
  40. False

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