Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 150 · 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 22 friendship bands at ₹45 each. What is its revenue (in ₹)?
2. 2.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
3. 3.A small business selling cups of lemonade had a revenue of ₹1400 and a profit of ₹1390. What were its costs (in ₹)?
4. 4.A small business selling handmade cards had a revenue of ₹350 and a profit of ₹320. What were its costs (in ₹)?
5. 5.A small business selling glasses of chai had a revenue of ₹1290 and a profit of ₹990. What were its costs (in ₹)?
6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
7. 7.True or false: “simplest to start” is true of a company. (a) True (b) False
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
9. 9.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
12. 12.A small business selling potted plants had a revenue of ₹1275 and a profit of ₹105. What were its costs (in ₹)?
13. 13.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
14. 14.A small business sells 30 glasses of chai at ₹15 each. What is its revenue (in ₹)?
15. 15.A small business sells 22 painted pebbles at ₹30 each. Its costs are ₹580. What is its profit (in ₹)?
16. 16.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
17. 17.A small business sells 41 painted pebbles at ₹45 each. What is its revenue (in ₹)?
18. 18.A small business selling paper bookmarks had a revenue of ₹120 and a profit of ₹30. What were its costs (in ₹)?
19. 19.True or false: “a separate legal body” is true of a company. (a) False (b) True
20. 20.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
21. 21.A small business selling fruit cups had a revenue of ₹600 and a profit of ₹510. What were its costs (in ₹)?
22. 22.A small business sells 14 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) run by directors (d) simplest to start
24. 24.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) one owner runs it (d) owner owes the debts
25. 25.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
26. 26.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
27. 27.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
28. 28.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
29. 29.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
30. 30.A small business sells 10 handmade cards at ₹50 each. Its costs are ₹370. What is its profit (in ₹)?
31. 31.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
32. 32.A small business selling bags of popcorn had a revenue of ₹450 and a profit of ₹20. What were its costs (in ₹)?
33. 33.A small business selling cupcakes had a revenue of ₹440 and a profit of ₹350. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
35. 35.True or false: “owner owes the debts” is true of a company. (a) True (b) False
36. 36.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
37. 37.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
38. 38.A small business selling handmade cards had a revenue of ₹1450 and a profit of ₹150. What were its costs (in ₹)?
39. 39.A small business sells 13 cups of lemonade at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
40. 40.True or false: “run by directors” is true of a sole trader. (a) False (b) True

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