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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 775 · 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.A small business sells 28 glasses of chai at ₹45 each. Its costs are ₹320. What is its profit (in ₹)?
  2. 2.A small business sells 41 friendship bands at ₹10 each. Its costs are ₹170. What is its profit (in ₹)?
  3. 3.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owned by shareholders (d) simplest to start
  4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
  5. 5.A small business sells 10 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
  6. 6.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  7. 7.True or false: “a separate legal body” is true of a company. (a) True (b) False
  8. 8.📜 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
  9. 9.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) a separate legal body
  10. 10.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
  11. 11.A small business sells 34 potted plants at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
  12. 12.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
  13. 13.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
  14. 14.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
  15. 15.A small business selling handmade cards had a revenue of ₹495 and a profit of ₹105. What were its costs (in ₹)?
  16. 16.A small business sells 47 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
  17. 17.A small business selling friendship bands had a revenue of ₹490 and a profit of ₹190. What were its costs (in ₹)?
  18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
  19. 19.A small business sells 53 jute bags at ₹10 each. What is its revenue (in ₹)?
  20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
  21. 21.A small business selling friendship bands had a revenue of ₹735 and a profit of ₹325. What were its costs (in ₹)?
  22. 22.A small business selling cupcakes had a revenue of ₹2320 and a profit of ₹2250. What were its costs (in ₹)?
  23. 23.A small business sells 45 friendship bands at ₹15 each. What is its revenue (in ₹)?
  24. 24.A small business sells 12 jute bags at ₹30 each. Its costs are ₹240. What is its profit (in ₹)?
  25. 25.A small business selling cupcakes had a revenue of ₹2385 and a profit of ₹2115. What were its costs (in ₹)?
  26. 26.True or false: “owned by shareholders” is true of a company. (a) True (b) False
  27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
  28. 28.A small business selling potted plants had a revenue of ₹325 and a profit of ₹145. What were its costs (in ₹)?
  29. 29.True or false: “simplest to start” is true of a company. (a) True (b) False
  30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  31. 31.A small business selling cups of lemonade had a revenue of ₹1100 and a profit of ₹730. What were its costs (in ₹)?
  32. 32.A small business selling paper bookmarks had a revenue of ₹585 and a profit of ₹145. What were its costs (in ₹)?
  33. 33.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
  34. 34.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
  35. 35.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
  36. 36.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
  37. 37.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
  38. 38.A small business selling clay diyas had a revenue of ₹280 and a profit of ₹130. What were its costs (in ₹)?
  39. 39.A small business sells 23 bags of popcorn at ₹20 each. Its costs are ₹100. What is its profit (in ₹)?
  40. 40.A small business selling painted pebbles had a revenue of ₹390 and a profit of ₹290. What were its costs (in ₹)?

Answer key

  1. 940
  2. 240
  3. owned by shareholders
  4. simplest to start
  5. 50
  6. revenue
  7. True
  8. an adult or an expert
  9. a separate legal body
  10. a company
  11. 420
  12. False
  13. only with adult help
  14. profit
  15. 390
  16. 235
  17. 300
  18. owner keeps all profit
  19. 530
  20. one owner runs it
  21. 410
  22. 70
  23. 675
  24. 120
  25. 270
  26. True
  27. a company
  28. 180
  29. False
  30. a sole trader
  31. 370
  32. 440
  33. True
  34. a one-owner business
  35. owner owes the debts
  36. False
  37. profit
  38. 150
  39. 360
  40. 100

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