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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 85 · 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.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
  2. 2.A small business selling cupcakes had a revenue of ₹540 and a profit of ₹490. What were its costs (in ₹)?
  3. 3.A small business sells 39 glasses of chai at ₹40 each. Its costs are ₹1280. What is its profit (in ₹)?
  4. 4.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
  5. 5.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owned by shareholders
  6. 6.A small business sells 49 clay diyas at ₹25 each. What is its revenue (in ₹)?
  7. 7.A small business sells 44 painted pebbles at ₹40 each. What is its revenue (in ₹)?
  8. 8.A small business sells 32 friendship bands at ₹20 each. What is its revenue (in ₹)?
  9. 9.True or false: “run by directors” is true of a company. (a) False (b) True
  10. 10.A small business sells 40 friendship bands at ₹5 each. What is its revenue (in ₹)?
  11. 11.A small business sells 28 cups of lemonade at ₹50 each. Its costs are ₹1140. What is its profit (in ₹)?
  12. 12.True or false: “owner owes the debts” is true of a company. (a) True (b) False
  13. 13.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
  14. 14.True or false: “run by directors” is true of a sole trader. (a) False (b) True
  15. 15.A small business sells 60 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
  16. 16.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
  17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
  18. 18.A small business sells 33 jute bags at ₹40 each. Its costs are ₹1030. What is its profit (in ₹)?
  19. 19.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  20. 20.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
  21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
  22. 22.A small business sells 10 friendship bands at ₹10 each. What is its revenue (in ₹)?
  23. 23.A small business sells 31 glasses of chai at ₹5 each. What is its revenue (in ₹)?
  24. 24.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
  25. 25.A small business sells 13 paper bookmarks at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
  26. 26.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
  27. 27.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
  28. 28.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner keeps all profit (d) owner owes the debts
  29. 29.A small business selling fruit cups had a revenue of ₹1500 and a profit of ₹1270. What were its costs (in ₹)?
  30. 30.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
  31. 31.A small business selling potted plants had a revenue of ₹2080 and a profit of ₹1060. What were its costs (in ₹)?
  32. 32.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
  33. 33.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
  34. 34.A small business sells 20 painted pebbles at ₹35 each. What is its revenue (in ₹)?
  35. 35.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
  36. 36.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
  37. 37.A small business sells 35 fruit cups at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
  38. 38.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) simplest to start (d) one owner runs it
  39. 39.A small business sells 26 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
  40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader

Answer key

  1. owner keeps all profit
  2. 50
  3. 280
  4. profit
  5. one owner runs it
  6. 1225
  7. 1760
  8. 640
  9. True
  10. 200
  11. 260
  12. False
  13. its shareholders
  14. False
  15. 2100
  16. a one-owner business
  17. owner owes the debts
  18. 290
  19. profit
  20. a company
  21. True
  22. 100
  23. 155
  24. a sole trader
  25. 55
  26. True
  27. False
  28. run by directors
  29. 230
  30. owned by shareholders
  31. 1020
  32. revenue
  33. a sole trader
  34. 700
  35. profit
  36. profit
  37. 115
  38. owners’ risk is limited
  39. 520
  40. a company

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