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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 692 · 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.

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  1. 1.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) a separate legal body
  2. 2.A small business selling glasses of chai had a revenue of ₹570 and a profit of ₹390. What were its costs (in ₹)?
  3. 3.🎂 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
  4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  5. 5.A small business sells 23 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
  6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  7. 7.A small business selling fruit cups had a revenue of ₹1260 and a profit of ₹1100. What were its costs (in ₹)?
  8. 8.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  9. 9.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  10. 10.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
  11. 11.A small business selling clay diyas had a revenue of ₹480 and a profit of ₹170. What were its costs (in ₹)?
  12. 12.A small business sells 38 painted pebbles at ₹10 each. What is its revenue (in ₹)?
  13. 13.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
  14. 14.A small business sells 57 cupcakes at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
  15. 15.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  16. 16.A small business sells 42 painted pebbles at ₹30 each. What is its revenue (in ₹)?
  17. 17.A small business sells 42 friendship bands at ₹45 each. What is its revenue (in ₹)?
  18. 18.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
  19. 19.A small business selling painted pebbles had a revenue of ₹360 and a profit of ₹260. What were its costs (in ₹)?
  20. 20.A small business selling potted plants had a revenue of ₹775 and a profit of ₹645. What were its costs (in ₹)?
  21. 21.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
  22. 22.A small business selling painted pebbles had a revenue of ₹110 and a profit of ₹100. What were its costs (in ₹)?
  23. 23.A small business selling clay diyas had a revenue of ₹360 and a profit of ₹50. What were its costs (in ₹)?
  24. 24.A small business selling paper bookmarks had a revenue of ₹675 and a profit of ₹615. What were its costs (in ₹)?
  25. 25.True or false: “run by directors” is true of a company. (a) True (b) False
  26. 26.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
  27. 27.A small business sells 45 glasses of chai at ₹35 each. Its costs are ₹420. What is its profit (in ₹)?
  28. 28.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
  29. 29.A small business sells 30 jute bags at ₹35 each. Its costs are ₹300. What is its profit (in ₹)?
  30. 30.A small business sells 24 handmade cards at ₹15 each. Its costs are ₹120. What is its profit (in ₹)?
  31. 31.A small business selling bags of popcorn had a revenue of ₹800 and a profit of ₹200. What were its costs (in ₹)?
  32. 32.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
  33. 33.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
  34. 34.A small business sells 10 cups of lemonade at ₹30 each. Its costs are ₹110. What is its profit (in ₹)?
  35. 35.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
  36. 36.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
  37. 37.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) simplest to start
  38. 38.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) run by directors
  39. 39.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) owner owes the debts
  40. 40.True or false: “one owner runs it” is true of a company. (a) False (b) True

Answer key

  1. one owner runs it
  2. 180
  3. only with adult help
  4. a company
  5. 805
  6. a sole trader
  7. 160
  8. profit
  9. a sole trader
  10. owner owes the debts
  11. 310
  12. 380
  13. profit
  14. 265
  15. a sole trader
  16. 1260
  17. 1890
  18. a company
  19. 100
  20. 130
  21. revenue
  22. 10
  23. 310
  24. 60
  25. True
  26. an adult or an expert
  27. 1155
  28. a sole trader
  29. 750
  30. 240
  31. 600
  32. a one-owner business
  33. False
  34. 190
  35. False
  36. owned by shareholders
  37. simplest to start
  38. owner keeps all profit
  39. owners’ risk is limited
  40. False

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