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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 737 · 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.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  2. 2.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
  3. 3.A small business selling painted pebbles had a revenue of ₹180 and a profit of ₹80. What were its costs (in ₹)?
  4. 4.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
  5. 5.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
  6. 6.True or false: “run by directors” is true of a company. (a) False (b) True
  7. 7.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) a separate legal body (d) run by directors
  8. 8.A small business selling fruit cups had a revenue of ₹460 and a profit of ₹300. What were its costs (in ₹)?
  9. 9.A small business sells 58 paper bookmarks at ₹15 each. Its costs are ₹740. What is its profit (in ₹)?
  10. 10.A small business sells 46 jute bags at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
  11. 11.A small business sells 53 handmade cards at ₹50 each. What is its revenue (in ₹)?
  12. 12.A small business sells 12 friendship bands at ₹20 each. What is its revenue (in ₹)?
  13. 13.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
  14. 14.A small business sells 11 cupcakes at ₹35 each. Its costs are ₹210. What is its profit (in ₹)?
  15. 15.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
  16. 16.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owners’ risk is limited (d) simplest to start
  17. 17.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
  18. 18.True or false: “owned by shareholders” is true of a company. (a) False (b) True
  19. 19.A small business selling paper bookmarks had a revenue of ₹585 and a profit of ₹265. What were its costs (in ₹)?
  20. 20.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  21. 21.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
  22. 22.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) simplest to start (d) one owner runs it
  23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  24. 24.A small business sells 16 jute bags at ₹20 each. Its costs are ₹290. What is its profit (in ₹)?
  25. 25.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
  26. 26.A small business sells 19 friendship bands at ₹40 each. What is its revenue (in ₹)?
  27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  28. 28.A small business sells 24 clay diyas at ₹15 each. Its costs are ₹140. What is its profit (in ₹)?
  29. 29.A small business sells 60 potted plants at ₹25 each. What is its revenue (in ₹)?
  30. 30.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
  31. 31.A small business sells 47 painted pebbles at ₹40 each. What is its revenue (in ₹)?
  32. 32.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
  33. 33.A small business sells 24 bags of popcorn at ₹45 each. Its costs are ₹920. What is its profit (in ₹)?
  34. 34.A small business sells 39 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
  35. 35.A small business sells 21 glasses of chai at ₹30 each. What is its revenue (in ₹)?
  36. 36.A small business sells 50 jute bags at ₹50 each. What is its revenue (in ₹)?
  37. 37.A small business sells 56 jute bags at ₹5 each. What is its revenue (in ₹)?
  38. 38.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
  39. 39.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) simplest to start
  40. 40.True or false: “simplest to start” is true of a company. (a) True (b) False

Answer key

  1. revenue
  2. profit
  3. 100
  4. False
  5. profit
  6. True
  7. owner keeps all profit
  8. 160
  9. 130
  10. 670
  11. 2650
  12. 240
  13. an adult or an expert
  14. 175
  15. one owner runs it
  16. owners’ risk is limited
  17. owned by shareholders
  18. True
  19. 320
  20. a sole trader
  21. profit
  22. run by directors
  23. a company
  24. 30
  25. True
  26. 760
  27. a sole trader
  28. 220
  29. 1500
  30. True
  31. 1880
  32. True
  33. 160
  34. 1560
  35. 630
  36. 2500
  37. 280
  38. its shareholders
  39. a separate legal body
  40. False

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