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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 921 · 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 23 painted pebbles at ₹10 each. What is its revenue (in ₹)?
  2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) owned by shareholders (d) run by directors
  3. 3.A small business selling bags of popcorn had a revenue of ₹400 and a profit of ₹100. What were its costs (in ₹)?
  4. 4.True or false: “one owner runs it” is true of a company. (a) True (b) False
  5. 5.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
  6. 6.A small business sells 55 paper bookmarks at ₹45 each. Its costs are ₹930. What is its profit (in ₹)?
  7. 7.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
  8. 8.A small business sells 31 jute bags at ₹10 each. What is its revenue (in ₹)?
  9. 9.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
  10. 10.A small business sells 54 painted pebbles at ₹30 each. What is its revenue (in ₹)?
  11. 11.True or false: “simplest to start” is true of a company. (a) True (b) False
  12. 12.A small business selling handmade cards had a revenue of ₹1120 and a profit of ₹140. What were its costs (in ₹)?
  13. 13.A small business selling handmade cards had a revenue of ₹200 and a profit of ₹60. What were its costs (in ₹)?
  14. 14.Which of these is true of a company? (a) run by directors (b) simplest to start (c) one owner runs it (d) owner owes the debts
  15. 15.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
  16. 16.A small business sells 27 friendship bands at ₹40 each. Its costs are ₹890. What is its profit (in ₹)?
  17. 17.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  18. 18.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
  19. 19.A small business sells 35 painted pebbles at ₹35 each. Its costs are ₹1080. What is its profit (in ₹)?
  20. 20.A small business sells 60 handmade cards at ₹45 each. What is its revenue (in ₹)?
  21. 21.A small business sells 12 cupcakes at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
  22. 22.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
  23. 23.A small business sells 57 fruit cups at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
  24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  25. 25.A small business sells 22 cups of lemonade at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
  26. 26.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
  27. 27.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) one owner runs it (d) owner owes the debts
  28. 28.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
  29. 29.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
  30. 30.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
  31. 31.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) simplest to start
  32. 32.A small business sells 27 potted plants at ₹45 each. Its costs are ₹500. What is its profit (in ₹)?
  33. 33.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
  34. 34.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
  35. 35.A small business sells 33 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
  36. 36.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
  37. 37.A small business selling painted pebbles had a revenue of ₹110 and a profit of ₹70. What were its costs (in ₹)?
  38. 38.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
  39. 39.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
  40. 40.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) a separate legal body (d) owners’ risk is limited

Answer key

  1. 230
  2. owner keeps all profit
  3. 300
  4. False
  5. a sole trader
  6. 1545
  7. revenue
  8. 310
  9. only with adult help
  10. 1620
  11. False
  12. 980
  13. 140
  14. run by directors
  15. a sole trader
  16. 190
  17. profit
  18. revenue
  19. 145
  20. 2700
  21. 30
  22. True
  23. 695
  24. a company
  25. 270
  26. profit
  27. owners’ risk is limited
  28. an adult or an expert
  29. False
  30. True
  31. simplest to start
  32. 715
  33. profit
  34. True
  35. 165
  36. a sole trader
  37. 40
  38. False
  39. True
  40. owner owes the debts

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