← Business basics for teens lesson New set →

Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 742 · 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 selling handmade cards had a revenue of ₹120 and a profit of ₹110. What were its costs (in ₹)?
  2. 2.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
  3. 3.A small business selling fruit cups had a revenue of ₹1540 and a profit of ₹1290. What were its costs (in ₹)?
  4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
  5. 5.A small business sells 57 jute bags at ₹35 each. What is its revenue (in ₹)?
  6. 6.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) run by directors
  7. 7.A small business sells 56 glasses of chai at ₹45 each. Its costs are ₹590. What is its profit (in ₹)?
  8. 8.A small business sells 26 jute bags at ₹15 each. Its costs are ₹250. What is its profit (in ₹)?
  9. 9.A small business sells 36 fruit cups at ₹20 each. Its costs are ₹580. What is its profit (in ₹)?
  10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
  11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  12. 12.A small business sells 18 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
  13. 13.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
  14. 14.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) one owner runs it (d) owner owes the debts
  15. 15.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
  16. 16.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  17. 17.A small business sells 11 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
  18. 18.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
  19. 19.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
  20. 20.A small business sells 42 potted plants at ₹25 each. What is its revenue (in ₹)?
  21. 21.True or false: “simplest to start” is true of a company. (a) True (b) False
  22. 22.True or false: “owned by shareholders” is true of a company. (a) True (b) False
  23. 23.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
  24. 24.A small business sells 27 potted plants at ₹40 each. Its costs are ₹120. What is its profit (in ₹)?
  25. 25.A small business sells 43 potted plants at ₹15 each. What is its revenue (in ₹)?
  26. 26.A small business sells 20 potted plants at ₹25 each. Its costs are ₹10. What is its profit (in ₹)?
  27. 27.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  28. 28.True or false: “a separate legal body” is true of a company. (a) True (b) False
  29. 29.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
  30. 30.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
  31. 31.A small business sells 49 handmade cards at ₹40 each. Its costs are ₹1200. What is its profit (in ₹)?
  32. 32.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  33. 33.A small business sells 42 cups of lemonade at ₹35 each. Its costs are ₹960. What is its profit (in ₹)?
  34. 34.A small business sells 42 potted plants at ₹15 each. Its costs are ₹300. What is its profit (in ₹)?
  35. 35.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
  36. 36.A small business sells 15 cups of lemonade at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
  37. 37.A small business sells 22 friendship bands at ₹45 each. Its costs are ₹310. What is its profit (in ₹)?
  38. 38.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
  39. 39.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
  40. 40.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner owes the debts

Answer key

  1. 10
  2. revenue
  3. 250
  4. a sole trader
  5. 1995
  6. run by directors
  7. 1930
  8. 140
  9. 140
  10. one owner runs it
  11. a company
  12. 900
  13. False
  14. owned by shareholders
  15. False
  16. a sole trader
  17. 55
  18. profit
  19. False
  20. 1050
  21. False
  22. True
  23. a company
  24. 960
  25. 645
  26. 490
  27. a company
  28. True
  29. an adult or an expert
  30. profit
  31. 760
  32. profit
  33. 510
  34. 330
  35. its shareholders
  36. 65
  37. 680
  38. True
  39. owner keeps all profit
  40. owner owes the debts

Free entrepreneurship lessons, practice and worksheets at talentjr.in/entrepreneurship-for-kids