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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 660 · 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: “one owner runs it” is true of a company. (a) False (b) True
  2. 2.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
  3. 3.A small business sells 28 friendship bands at ₹50 each. What is its revenue (in ₹)?
  4. 4.A small business sells 41 friendship bands at ₹30 each. What is its revenue (in ₹)?
  5. 5.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  6. 6.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
  7. 7.A small business sells 36 handmade cards at ₹5 each. What is its revenue (in ₹)?
  8. 8.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
  9. 9.A small business selling paper bookmarks had a revenue of ₹210 and a profit of ₹30. What were its costs (in ₹)?
  10. 10.A small business sells 33 friendship bands at ₹35 each. Its costs are ₹290. What is its profit (in ₹)?
  11. 11.A small business sells 48 painted pebbles at ₹45 each. What is its revenue (in ₹)?
  12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
  13. 13.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
  14. 14.A small business selling glasses of chai had a revenue of ₹285 and a profit of ₹265. What were its costs (in ₹)?
  15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owned by shareholders (d) run by directors
  16. 16.A small business selling clay diyas had a revenue of ₹1100 and a profit of ₹610. What were its costs (in ₹)?
  17. 17.A small business sells 16 cupcakes at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
  18. 18.A small business sells 45 clay diyas at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
  19. 19.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
  20. 20.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
  21. 21.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  22. 22.A small business sells 50 friendship bands at ₹20 each. Its costs are ₹360. What is its profit (in ₹)?
  23. 23.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
  24. 24.A small business sells 52 glasses of chai at ₹45 each. What is its revenue (in ₹)?
  25. 25.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
  26. 26.True or false: “run by directors” is true of a sole trader. (a) True (b) False
  27. 27.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
  28. 28.A small business sells 12 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
  29. 29.A small business sells 23 cupcakes at ₹30 each. What is its revenue (in ₹)?
  30. 30.A small business sells 13 jute bags at ₹25 each. Its costs are ₹310. What is its profit (in ₹)?
  31. 31.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
  32. 32.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
  33. 33.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
  34. 34.A small business sells 10 friendship bands at ₹5 each. What is its revenue (in ₹)?
  35. 35.A small business sells 24 jute bags at ₹10 each. What is its revenue (in ₹)?
  36. 36.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  37. 37.True or false: “a separate legal body” is true of a company. (a) False (b) True
  38. 38.A small business sells 22 bags of popcorn at ₹35 each. Its costs are ₹430. What is its profit (in ₹)?
  39. 39.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner keeps all profit (d) simplest to start
  40. 40.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit

Answer key

  1. False
  2. True
  3. 1400
  4. 1230
  5. a company
  6. revenue
  7. 180
  8. a company
  9. 180
  10. 865
  11. 2160
  12. a sole trader
  13. False
  14. 20
  15. owner owes the debts
  16. 490
  17. 10
  18. 175
  19. an adult or an expert
  20. True
  21. a company
  22. 640
  23. profit
  24. 2340
  25. revenue
  26. False
  27. revenue
  28. 240
  29. 690
  30. 15
  31. a separate legal body
  32. a sole trader
  33. one owner runs it
  34. 50
  35. 240
  36. a sole trader
  37. True
  38. 340
  39. owned by shareholders
  40. owners’ risk is limited

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