Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 111 · 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 57 cups of lemonade at ₹20 each. Its costs are ₹950. What is its profit (in ₹)?
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
4. 4.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
5. 5.A small business sells 33 cups of lemonade at ₹35 each. Its costs are ₹480. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.A small business sells 42 jute bags at ₹35 each. What is its revenue (in ₹)?
8. 8.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
9. 9.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
11. 11.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) owners’ risk is limited
12. 12.A small business selling paper bookmarks had a revenue of ₹2205 and a profit of ₹985. What were its costs (in ₹)?
13. 13.A small business sells 30 potted plants at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.True or false: “one owner runs it” is true of a company. (a) False (b) True
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
17. 17.A small business sells 13 handmade cards at ₹20 each. What is its revenue (in ₹)?
18. 18.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
19. 19.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
20. 20.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
21. 21.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
22. 22.A small business sells 11 friendship bands at ₹5 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) simplest to start
25. 25.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
26. 26.A small business sells 32 fruit cups at ₹15 each. Its costs are ₹170. What is its profit (in ₹)?
27. 27.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) a separate legal body (d) simplest to start
28. 28.True or false: “a separate legal body” is true of a company. (a) False (b) True
29. 29.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
30. 30.A small business selling jute bags had a revenue of ₹1855 and a profit of ₹1325. What were its costs (in ₹)?
31. 31.A small business selling fruit cups had a revenue of ₹350 and a profit of ₹80. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
33. 33.A small business selling cupcakes had a revenue of ₹1015 and a profit of ₹415. What were its costs (in ₹)?
34. 34.A small business sells 45 glasses of chai at ₹25 each. Its costs are ₹650. What is its profit (in ₹)?
35. 35.A small business sells 34 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
36. 36.A small business sells 39 fruit cups at ₹30 each. Its costs are ₹970. What is its profit (in ₹)?
37. 37.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
38. 38.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
39. 39.A small business sells 16 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company

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