Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 209 · 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.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
2. 2.A small business sells 16 cups of lemonade at ₹30 each. Its costs are ₹220. What is its profit (in ₹)?
3. 3.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
4. 4.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
5. 5.A small business selling cupcakes had a revenue of ₹1400 and a profit of ₹1280. What were its costs (in ₹)?
6. 6.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.A small business sells 41 fruit cups at ₹40 each. Its costs are ₹320. What is its profit (in ₹)?
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
10. 10.True or false: “one owner runs it” is true of a company. (a) False (b) True
11. 11.A small business sells 35 cups of lemonade at ₹50 each. Its costs are ₹1620. What is its profit (in ₹)?
12. 12.A small business sells 19 clay diyas at ₹30 each. What is its revenue (in ₹)?
13. 13.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
14. 14.A small business selling handmade cards had a revenue of ₹990 and a profit of ₹570. What were its costs (in ₹)?
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owned by shareholders
16. 16.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
17. 17.A small business sells 11 fruit cups at ₹5 each. What is its revenue (in ₹)?
18. 18.A small business sells 56 glasses of chai at ₹35 each. What is its revenue (in ₹)?
19. 19.A small business selling jute bags had a revenue of ₹405 and a profit of ₹385. What were its costs (in ₹)?
20. 20.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) a separate legal body (d) owner keeps all profit
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
22. 22.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) one owner runs it (d) owner keeps all profit
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.A small business sells 36 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
25. 25.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
26. 26.A small business sells 34 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner owes the debts
28. 28.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
29. 29.True or false: “owner owes the debts” is true of a company. (a) True (b) False
30. 30.A small business selling clay diyas had a revenue of ₹760 and a profit of ₹590. What were its costs (in ₹)?
31. 31.True or false: “a separate legal body” is true of a company. (a) True (b) False
32. 32.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
33. 33.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
34. 34.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
35. 35.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
36. 36.A small business sells 43 cupcakes at ₹40 each. What is its revenue (in ₹)?
37. 37.A small business sells 10 cups of lemonade at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?
38. 38.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
39. 39.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
40. 40.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help

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