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Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 992 · 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 glasses of chai had a revenue of ₹615 and a profit of ₹505. What were its costs (in ₹)?
  2. 2.A small business selling glasses of chai had a revenue of ₹840 and a profit of ₹270. What were its costs (in ₹)?
  3. 3.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
  4. 4.A small business sells 27 clay diyas at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
  5. 5.A small business sells 25 bags of popcorn at ₹30 each. Its costs are ₹720. What is its profit (in ₹)?
  6. 6.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) simplest to start (d) one owner runs it
  7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
  8. 8.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
  9. 9.True or false: “simplest to start” is true of a company. (a) True (b) False
  10. 10.A small business sells 31 clay diyas at ₹15 each. Its costs are ₹240. What is its profit (in ₹)?
  11. 11.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
  12. 12.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
  13. 13.A small business sells 24 glasses of chai at ₹5 each. What is its revenue (in ₹)?
  14. 14.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
  15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) a separate legal body
  16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
  17. 17.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
  18. 18.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
  19. 19.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
  20. 20.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
  21. 21.A small business selling bags of popcorn had a revenue of ₹1560 and a profit of ₹820. What were its costs (in ₹)?
  22. 22.True or false: “one owner runs it” is true of a company. (a) False (b) True
  23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
  24. 24.A small business sells 10 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
  25. 25.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owned by shareholders
  26. 26.True or false: “owned by shareholders” is true of a company. (a) False (b) True
  27. 27.A small business selling glasses of chai had a revenue of ₹540 and a profit of ₹280. What were its costs (in ₹)?
  28. 28.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
  29. 29.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) owned by shareholders
  30. 30.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
  31. 31.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
  32. 32.True or false: “run by directors” is true of a company. (a) False (b) True
  33. 33.A small business selling handmade cards had a revenue of ₹765 and a profit of ₹365. What were its costs (in ₹)?
  34. 34.A small business sells 19 potted plants at ₹10 each. What is its revenue (in ₹)?
  35. 35.A small business sells 36 bags of popcorn at ₹5 each. Its costs are ₹130. What is its profit (in ₹)?
  36. 36.A small business sells 12 bags of popcorn at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
  37. 37.A small business sells 51 jute bags at ₹50 each. Its costs are ₹280. What is its profit (in ₹)?
  38. 38.A small business sells 13 cupcakes at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
  39. 39.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner owes the debts (d) one owner runs it
  40. 40.A small business sells 27 cups of lemonade at ₹25 each. What is its revenue (in ₹)?

Answer key

  1. 110
  2. 570
  3. revenue
  4. 385
  5. 30
  6. owners’ risk is limited
  7. revenue
  8. a company
  9. False
  10. 225
  11. False
  12. False
  13. 120
  14. owned by shareholders
  15. owner owes the debts
  16. a company
  17. revenue
  18. profit
  19. a sole trader
  20. its shareholders
  21. 740
  22. False
  23. a sole trader
  24. 200
  25. one owner runs it
  26. True
  27. 260
  28. a sole trader
  29. simplest to start
  30. profit
  31. a company
  32. True
  33. 400
  34. 190
  35. 50
  36. 120
  37. 2270
  38. 165
  39. a separate legal body
  40. 675

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