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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 860 · 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 sells 15 potted plants at ₹30 each. Its costs are ₹440. What is its profit (in ₹)?
  2. 2.A small business sells 45 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
  3. 3.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owner keeps all profit (d) a separate legal body
  4. 4.A small business selling fruit cups had a revenue of ₹450 and a profit of ₹170. What were its costs (in ₹)?
  5. 5.True or false: “one owner runs it” is true of a company. (a) True (b) False
  6. 6.A small business sells 15 cupcakes at ₹20 each. What is its revenue (in ₹)?
  7. 7.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
  8. 8.A small business sells 23 cupcakes at ₹20 each. What is its revenue (in ₹)?
  9. 9.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
  10. 10.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
  11. 11.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner owes the debts (d) owner keeps all profit
  12. 12.A small business selling friendship bands had a revenue of ₹400 and a profit of ₹60. What were its costs (in ₹)?
  13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  14. 14.A small business sells 23 clay diyas at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
  15. 15.A small business sells 31 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
  16. 16.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
  17. 17.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
  18. 18.A small business sells 18 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
  19. 19.A small business sells 42 paper bookmarks at ₹15 each. Its costs are ₹540. What is its profit (in ₹)?
  20. 20.A small business selling painted pebbles had a revenue of ₹440 and a profit of ₹280. What were its costs (in ₹)?
  21. 21.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
  22. 22.A small business sells 46 painted pebbles at ₹25 each. What is its revenue (in ₹)?
  23. 23.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
  24. 24.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
  25. 25.A small business sells 52 paper bookmarks at ₹20 each. Its costs are ₹20. What is its profit (in ₹)?
  26. 26.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  27. 27.A small business sells 60 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
  28. 28.A small business sells 26 cups of lemonade at ₹45 each. Its costs are ₹990. What is its profit (in ₹)?
  29. 29.A small business sells 35 cups of lemonade at ₹25 each. Its costs are ₹630. What is its profit (in ₹)?
  30. 30.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  31. 31.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
  32. 32.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  33. 33.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  34. 34.A small business sells 29 friendship bands at ₹25 each. What is its revenue (in ₹)?
  35. 35.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
  36. 36.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
  37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
  38. 38.True or false: “owner owes the debts” is true of a company. (a) False (b) True
  39. 39.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) simplest to start
  40. 40.True or false: “a separate legal body” is true of a company. (a) False (b) True

Answer key

  1. 10
  2. 1350
  3. owner keeps all profit
  4. 280
  5. False
  6. 300
  7. only with adult help
  8. 460
  9. profit
  10. a one-owner business
  11. owners’ risk is limited
  12. 340
  13. a company
  14. 95
  15. 1395
  16. profit
  17. False
  18. 360
  19. 90
  20. 160
  21. revenue
  22. 1150
  23. owner owes the debts
  24. its shareholders
  25. 1020
  26. a company
  27. 1200
  28. 180
  29. 245
  30. profit
  31. True
  32. a sole trader
  33. a sole trader
  34. 725
  35. False
  36. True
  37. True
  38. False
  39. run by directors
  40. True

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