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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 846 · 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.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
  2. 2.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) owner keeps all profit
  3. 3.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
  4. 4.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
  5. 5.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
  6. 6.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) a separate legal body
  7. 7.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
  8. 8.A small business sells 36 potted plants at ₹20 each. What is its revenue (in ₹)?
  9. 9.A small business sells 53 handmade cards at ₹20 each. What is its revenue (in ₹)?
  10. 10.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
  11. 11.A small business selling bags of popcorn had a revenue of ₹400 and a profit of ₹80. What were its costs (in ₹)?
  12. 12.True or false: “run by directors” is true of a sole trader. (a) False (b) True
  13. 13.A small business sells 57 bags of popcorn at ₹35 each. Its costs are ₹220. What is its profit (in ₹)?
  14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  15. 15.A small business sells 35 jute bags at ₹15 each. What is its revenue (in ₹)?
  16. 16.A small business sells 12 handmade cards at ₹50 each. Its costs are ₹350. What is its profit (in ₹)?
  17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
  18. 18.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
  19. 19.A small business selling clay diyas had a revenue of ₹650 and a profit of ₹60. What were its costs (in ₹)?
  20. 20.A small business sells 46 paper bookmarks at ₹40 each. Its costs are ₹380. What is its profit (in ₹)?
  21. 21.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  22. 22.A small business selling clay diyas had a revenue of ₹195 and a profit of ₹35. What were its costs (in ₹)?
  23. 23.A small business sells 60 fruit cups at ₹50 each. What is its revenue (in ₹)?
  24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) one owner runs it
  25. 25.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  26. 26.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
  27. 27.A small business sells 15 clay diyas at ₹40 each. Its costs are ₹430. What is its profit (in ₹)?
  28. 28.A small business selling cupcakes had a revenue of ₹780 and a profit of ₹250. What were its costs (in ₹)?
  29. 29.A small business sells 26 glasses of chai at ₹15 each. Its costs are ₹180. What is its profit (in ₹)?
  30. 30.A small business sells 29 painted pebbles at ₹35 each. Its costs are ₹260. What is its profit (in ₹)?
  31. 31.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
  32. 32.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
  33. 33.A small business selling cups of lemonade had a revenue of ₹75 and a profit of ₹65. What were its costs (in ₹)?
  34. 34.A small business selling glasses of chai had a revenue of ₹1800 and a profit of ₹900. What were its costs (in ₹)?
  35. 35.A small business sells 54 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
  36. 36.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
  37. 37.A small business selling painted pebbles had a revenue of ₹675 and a profit of ₹365. What were its costs (in ₹)?
  38. 38.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
  39. 39.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
  40. 40.True or false: “run by directors” is true of a company. (a) False (b) True

Answer key

  1. a company
  2. run by directors
  3. True
  4. False
  5. owner keeps all profit
  6. a separate legal body
  7. profit
  8. 720
  9. 1060
  10. simplest to start
  11. 320
  12. False
  13. 1775
  14. a sole trader
  15. 525
  16. 250
  17. revenue
  18. owners’ risk is limited
  19. 590
  20. 1460
  21. a sole trader
  22. 160
  23. 3000
  24. one owner runs it
  25. profit
  26. an adult or an expert
  27. 170
  28. 530
  29. 210
  30. 755
  31. False
  32. a company
  33. 10
  34. 900
  35. 2160
  36. False
  37. 310
  38. a company
  39. revenue
  40. True

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