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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 868 · 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 bags of popcorn had a revenue of ₹330 and a profit of ₹240. What were its costs (in ₹)?
  2. 2.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
  3. 3.A small business selling cups of lemonade had a revenue of ₹2340 and a profit of ₹2240. What were its costs (in ₹)?
  4. 4.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
  5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) one owner runs it
  6. 6.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
  7. 7.A small business sells 47 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
  8. 8.A small business sells 60 glasses of chai at ₹45 each. Its costs are ₹640. What is its profit (in ₹)?
  9. 9.True or false: “owner owes the debts” is true of a company. (a) True (b) False
  10. 10.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
  11. 11.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
  12. 12.A small business sells 28 friendship bands at ₹45 each. What is its revenue (in ₹)?
  13. 13.A small business sells 28 glasses of chai at ₹35 each. Its costs are ₹840. What is its profit (in ₹)?
  14. 14.A small business sells 18 painted pebbles at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
  15. 15.A small business selling bags of popcorn had a revenue of ₹1080 and a profit of ₹20. What were its costs (in ₹)?
  16. 16.A small business selling friendship bands had a revenue of ₹1125 and a profit of ₹835. What were its costs (in ₹)?
  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 23 cupcakes at ₹40 each. Its costs are ₹650. What is its profit (in ₹)?
  19. 19.A small business sells 21 handmade cards at ₹5 each. What is its revenue (in ₹)?
  20. 20.A small business sells 19 jute bags at ₹10 each. Its costs are ₹120. What is its profit (in ₹)?
  21. 21.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
  22. 22.A small business sells 54 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
  23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  24. 24.A small business sells 59 glasses of chai at ₹40 each. What is its revenue (in ₹)?
  25. 25.A small business selling paper bookmarks had a revenue of ₹1800 and a profit of ₹730. What were its costs (in ₹)?
  26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owners’ risk is limited
  27. 27.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
  28. 28.A small business sells 56 handmade cards at ₹25 each. What is its revenue (in ₹)?
  29. 29.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
  30. 30.A small business sells 16 handmade cards at ₹5 each. What is its revenue (in ₹)?
  31. 31.A small business sells 14 jute bags at ₹35 each. What is its revenue (in ₹)?
  32. 32.A small business sells 35 glasses of chai at ₹15 each. What is its revenue (in ₹)?
  33. 33.A small business sells 26 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
  34. 34.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) simplest to start
  35. 35.True or false: “simplest to start” is true of a company. (a) False (b) True
  36. 36.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  37. 37.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
  38. 38.A small business sells 35 painted pebbles at ₹10 each. What is its revenue (in ₹)?
  39. 39.True or false: “run by directors” is true of a company. (a) False (b) True
  40. 40.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owners’ risk is limited (d) a separate legal body

Answer key

  1. 90
  2. a company
  3. 100
  4. True
  5. one owner runs it
  6. a company
  7. 1175
  8. 2060
  9. False
  10. owner owes the debts
  11. False
  12. 1260
  13. 140
  14. 70
  15. 1060
  16. 290
  17. False
  18. 270
  19. 105
  20. 70
  21. a one-owner business
  22. 540
  23. a company
  24. 2360
  25. 1070
  26. simplest to start
  27. revenue
  28. 1400
  29. a sole trader
  30. 80
  31. 490
  32. 525
  33. 650
  34. owned by shareholders
  35. False
  36. profit
  37. only with adult help
  38. 350
  39. True
  40. owner keeps all profit

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