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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 563 · 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.True or false: “owned by shareholders” is true of a company. (a) True (b) False
  2. 2.A small business sells 14 friendship bands at ₹10 each. What is its revenue (in ₹)?
  3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owned by shareholders (d) owners’ risk is limited
  4. 4.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
  5. 5.A small business selling fruit cups had a revenue of ₹120 and a profit of ₹20. What were its costs (in ₹)?
  6. 6.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
  7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
  8. 8.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  9. 9.A small business selling paper bookmarks had a revenue of ₹210 and a profit of ₹80. What were its costs (in ₹)?
  10. 10.A small business sells 16 friendship bands at ₹15 each. Its costs are ₹50. What is its profit (in ₹)?
  11. 11.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
  12. 12.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
  13. 13.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
  14. 14.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  15. 15.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
  16. 16.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner owes the debts
  17. 17.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
  18. 18.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
  19. 19.A small business selling jute bags had a revenue of ₹1020 and a profit of ₹240. What were its costs (in ₹)?
  20. 20.A small business sells 16 potted plants at ₹35 each. What is its revenue (in ₹)?
  21. 21.A small business sells 16 clay diyas at ₹50 each. What is its revenue (in ₹)?
  22. 22.A small business sells 31 fruit cups at ₹10 each. Its costs are ₹230. What is its profit (in ₹)?
  23. 23.A small business sells 17 cups of lemonade at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
  24. 24.A small business selling handmade cards had a revenue of ₹250 and a profit of ₹120. What were its costs (in ₹)?
  25. 25.A small business selling friendship bands had a revenue of ₹2120 and a profit of ₹940. What were its costs (in ₹)?
  26. 26.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  27. 27.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
  28. 28.A small business selling cups of lemonade had a revenue of ₹250 and a profit of ₹170. What were its costs (in ₹)?
  29. 29.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) simplest to start
  30. 30.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
  31. 31.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
  32. 32.A small business sells 18 painted pebbles at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
  33. 33.A small business sells 32 clay diyas at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
  34. 34.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
  35. 35.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  36. 36.A small business sells 11 glasses of chai at ₹50 each. Its costs are ₹40. What is its profit (in ₹)?
  37. 37.A small business selling glasses of chai had a revenue of ₹330 and a profit of ₹300. What were its costs (in ₹)?
  38. 38.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
  39. 39.True or false: “simplest to start” is true of a company. (a) False (b) True
  40. 40.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) a separate legal body

Answer key

  1. True
  2. 140
  3. simplest to start
  4. revenue
  5. 100
  6. True
  7. a sole trader
  8. a company
  9. 130
  10. 190
  11. False
  12. its shareholders
  13. profit
  14. revenue
  15. False
  16. a separate legal body
  17. a one-owner business
  18. owners’ risk is limited
  19. 780
  20. 560
  21. 800
  22. 80
  23. 75
  24. 130
  25. 1180
  26. a sole trader
  27. profit
  28. 80
  29. run by directors
  30. one owner runs it
  31. owner keeps all profit
  32. 70
  33. 40
  34. an adult or an expert
  35. profit
  36. 510
  37. 30
  38. True
  39. False
  40. owner owes the debts

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