Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 109 · 40 questions

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.

1. 1.A small business sells 23 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
4. 4.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.A small business selling fruit cups had a revenue of ₹110 and a profit of ₹30. What were its costs (in ₹)?
8. 8.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
9. 9.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
10. 10.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) owner keeps all profit
11. 11.True or false: “a separate legal body” is true of a company. (a) False (b) True
12. 12.True or false: “one owner runs it” is true of a company. (a) False (b) True
13. 13.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
14. 14.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
15. 15.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
16. 16.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
17. 17.True or false: “simplest to start” is true of a company. (a) False (b) True
18. 18.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
19. 19.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
20. 20.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
21. 21.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner owes the debts (d) a separate legal body
23. 23.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
24. 24.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
27. 27.A small business sells 51 glasses of chai at ₹5 each. What is its revenue (in ₹)?
28. 28.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
29. 29.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner keeps all profit (d) one owner runs it
30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
31. 31.A small business selling bags of popcorn had a revenue of ₹135 and a profit of ₹105. What were its costs (in ₹)?
32. 32.A small business selling potted plants had a revenue of ₹580 and a profit of ₹310. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
34. 34.A small business sells 20 handmade cards at ₹30 each. What is its revenue (in ₹)?
35. 35.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) simplest to start
36. 36.A small business selling friendship bands had a revenue of ₹330 and a profit of ₹20. What were its costs (in ₹)?
37. 37.A small business sells 12 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
38. 38.A small business sells 34 glasses of chai at ₹5 each. What is its revenue (in ₹)?
39. 39.A small business sells 48 cupcakes at ₹5 each. What is its revenue (in ₹)?
40. 40.A small business sells 20 potted plants at ₹10 each. Its costs are ₹180. What is its profit (in ₹)?

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