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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 903 · 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.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
  2. 2.True or false: “owner owes the debts” is true of a company. (a) False (b) True
  3. 3.A small business selling glasses of chai had a revenue of ₹1620 and a profit of ₹1130. What were its costs (in ₹)?
  4. 4.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
  5. 5.A small business sells 55 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
  6. 6.A small business selling painted pebbles had a revenue of ₹2295 and a profit of ₹2215. What were its costs (in ₹)?
  7. 7.A small business selling handmade cards had a revenue of ₹725 and a profit of ₹105. What were its costs (in ₹)?
  8. 8.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  9. 9.A small business sells 59 jute bags at ₹40 each. Its costs are ₹200. What is its profit (in ₹)?
  10. 10.A small business sells 19 paper bookmarks at ₹30 each. Its costs are ₹250. What is its profit (in ₹)?
  11. 11.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
  12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  13. 13.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
  14. 14.A small business sells 59 cupcakes at ₹15 each. What is its revenue (in ₹)?
  15. 15.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
  16. 16.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) one owner runs it (d) simplest to start
  17. 17.A small business sells 33 handmade cards at ₹45 each. What is its revenue (in ₹)?
  18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) simplest to start (d) run by directors
  19. 19.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
  20. 20.A small business sells 34 handmade cards at ₹45 each. What is its revenue (in ₹)?
  21. 21.A small business sells 46 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
  22. 22.A small business sells 22 glasses of chai at ₹10 each. What is its revenue (in ₹)?
  23. 23.A small business sells 55 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
  24. 24.A small business sells 36 glasses of chai at ₹25 each. What is its revenue (in ₹)?
  25. 25.A small business sells 55 cupcakes at ₹15 each. What is its revenue (in ₹)?
  26. 26.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
  27. 27.A small business selling potted plants had a revenue of ₹285 and a profit of ₹25. What were its costs (in ₹)?
  28. 28.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
  29. 29.A small business selling bags of popcorn had a revenue of ₹840 and a profit of ₹80. What were its costs (in ₹)?
  30. 30.True or false: “run by directors” is true of a sole trader. (a) False (b) True
  31. 31.A small business sells 38 clay diyas at ₹25 each. What is its revenue (in ₹)?
  32. 32.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
  33. 33.A small business selling cupcakes had a revenue of ₹180 and a profit of ₹80. What were its costs (in ₹)?
  34. 34.A small business sells 17 fruit cups at ₹25 each. What is its revenue (in ₹)?
  35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
  36. 36.A small business selling fruit cups had a revenue of ₹2300 and a profit of ₹100. What were its costs (in ₹)?
  37. 37.True or false: “one owner runs it” is true of a company. (a) True (b) False
  38. 38.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
  39. 39.A small business sells 20 glasses of chai at ₹30 each. Its costs are ₹60. What is its profit (in ₹)?
  40. 40.A small business sells 46 bags of popcorn at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?

Answer key

  1. revenue
  2. False
  3. 490
  4. profit
  5. 1100
  6. 80
  7. 620
  8. a sole trader
  9. 2160
  10. 320
  11. profit
  12. a company
  13. a sole trader
  14. 885
  15. a company
  16. owners’ risk is limited
  17. 1485
  18. simplest to start
  19. a company
  20. 1530
  21. 690
  22. 220
  23. 825
  24. 900
  25. 825
  26. a sole trader
  27. 260
  28. a one-owner business
  29. 760
  30. False
  31. 950
  32. profit
  33. 100
  34. 425
  35. True
  36. 2200
  37. False
  38. False
  39. 540
  40. 440

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