Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 156 · 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.True or false: “run by directors” is true of a company. (a) False (b) True
2. 2.A small business selling cups of lemonade had a revenue of ₹245 and a profit of ₹95. What were its costs (in ₹)?
3. 3.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
5. 5.A small business sells 60 cupcakes at ₹15 each. What is its revenue (in ₹)?
6. 6.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
8. 8.A small business selling potted plants had a revenue of ₹2800 and a profit of ₹2180. What were its costs (in ₹)?
9. 9.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
10. 10.A small business sells 24 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
11. 11.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
12. 12.A small business selling clay diyas had a revenue of ₹260 and a profit of ₹120. What were its costs (in ₹)?
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.A small business sells 22 handmade cards at ₹5 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
16. 16.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
17. 17.A small business sells 13 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
18. 18.A small business sells 51 clay diyas at ₹45 each. Its costs are ₹1440. What is its profit (in ₹)?
19. 19.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
20. 20.Which of these is true of a company? (a) simplest to start (b) run by directors (c) one owner runs it (d) owner owes the debts
21. 21.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
22. 22.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
23. 23.A small business sells 25 jute bags at ₹20 each. Its costs are ₹140. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
25. 25.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner owes the debts (d) owned by shareholders
26. 26.A small business selling friendship bands had a revenue of ₹660 and a profit of ₹10. What were its costs (in ₹)?
27. 27.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
28. 28.A small business selling glasses of chai had a revenue of ₹520 and a profit of ₹130. What were its costs (in ₹)?
29. 29.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
30. 30.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
31. 31.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
32. 32.A small business sells 19 jute bags at ₹30 each. What is its revenue (in ₹)?
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
34. 34.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
35. 35.A small business sells 29 potted plants at ₹25 each. What is its revenue (in ₹)?
36. 36.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
37. 37.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
38. 38.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
39. 39.A small business sells 19 jute bags at ₹15 each. What is its revenue (in ₹)?
40. 40.A small business sells 14 cups of lemonade at ₹20 each. What is its revenue (in ₹)?

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