Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 238 · 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.🎂 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
2. 2.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
5. 5.A small business sells 26 cups of lemonade at ₹50 each. Its costs are ₹140. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
7. 7.A small business sells 38 fruit cups at ₹20 each. What is its revenue (in ₹)?
8. 8.True or false: “one owner runs it” is true of a company. (a) False (b) True
9. 9.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
10. 10.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
11. 11.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
12. 12.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
13. 13.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
14. 14.A small business selling potted plants had a revenue of ₹1275 and a profit of ₹1095. What were its costs (in ₹)?
15. 15.A small business sells 25 cupcakes at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
16. 16.A small business sells 22 potted plants at ₹25 each. What is its revenue (in ₹)?
17. 17.A small business selling painted pebbles had a revenue of ₹1710 and a profit of ₹240. What were its costs (in ₹)?
18. 18.A small business sells 45 friendship bands at ₹10 each. What is its revenue (in ₹)?
19. 19.True or false: “owned by shareholders” is true of a company. (a) False (b) True
20. 20.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
22. 22.A small business sells 18 clay diyas at ₹30 each. Its costs are ₹420. What is its profit (in ₹)?
23. 23.A small business selling clay diyas had a revenue of ₹295 and a profit of ₹135. What were its costs (in ₹)?
24. 24.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
25. 25.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
27. 27.A small business selling handmade cards had a revenue of ₹840 and a profit of ₹770. What were its costs (in ₹)?
28. 28.A small business sells 25 handmade cards at ₹10 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
30. 30.A small business sells 12 fruit cups at ₹30 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owners’ risk is limited (d) a separate legal body
32. 32.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
33. 33.A small business selling friendship bands had a revenue of ₹960 and a profit of ₹590. What were its costs (in ₹)?
34. 34.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
35. 35.A small business sells 37 painted pebbles at ₹35 each. What is its revenue (in ₹)?
36. 36.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
37. 37.A small business sells 26 clay diyas at ₹20 each. Its costs are ₹210. What is its profit (in ₹)?
38. 38.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) owner keeps all profit (d) one owner runs it
39. 39.A small business sells 18 clay diyas at ₹10 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company

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