Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 176 · 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 painted pebbles at ₹30 each. Its costs are ₹380. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
3. 3.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owned by shareholders
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
5. 5.A small business sells 35 cups of lemonade at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
6. 6.A small business sells 15 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
7. 7.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
8. 8.A small business sells 53 potted plants at ₹40 each. Its costs are ₹1210. What is its profit (in ₹)?
9. 9.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
10. 10.A small business selling fruit cups had a revenue of ₹430 and a profit of ₹40. What were its costs (in ₹)?
11. 11.A small business selling fruit cups had a revenue of ₹1400 and a profit of ₹1380. What were its costs (in ₹)?
12. 12.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
13. 13.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
14. 14.A small business sells 35 cupcakes at ₹15 each. Its costs are ₹470. What is its profit (in ₹)?
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owned by shareholders
16. 16.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
17. 17.A small business selling painted pebbles had a revenue of ₹190 and a profit of ₹70. What were its costs (in ₹)?
18. 18.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
19. 19.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
20. 20.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
21. 21.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
22. 22.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
23. 23.A small business sells 16 handmade cards at ₹25 each. Its costs are ₹180. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) owners’ risk is limited
26. 26.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
27. 27.A small business sells 21 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
28. 28.A small business sells 37 cups of lemonade at ₹20 each. Its costs are ₹500. What is its profit (in ₹)?
29. 29.True or false: “one owner runs it” is true of a company. (a) False (b) True
30. 30.A small business selling painted pebbles had a revenue of ₹300 and a profit of ₹270. What were its costs (in ₹)?
31. 31.True or false: “run by directors” is true of a sole trader. (a) True (b) False
32. 32.True or false: “run by directors” is true of a company. (a) False (b) True
33. 33.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 16 friendship bands at ₹45 each. What is its revenue (in ₹)?
35. 35.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
36. 36.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
37. 37.A small business sells 14 cups of lemonade at ₹35 each. Its costs are ₹300. What is its profit (in ₹)?
38. 38.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
39. 39.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
40. 40.True or false: “simplest to start” is true of a sole trader. (a) False (b) True

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