Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 248 · 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.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
2. 2.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
3. 3.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
4. 4.A small business selling cups of lemonade had a revenue of ₹2430 and a profit of ₹2210. What were its costs (in ₹)?
5. 5.A small business selling friendship bands had a revenue of ₹2565 and a profit of ₹2005. What were its costs (in ₹)?
6. 6.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
7. 7.A small business selling painted pebbles had a revenue of ₹900 and a profit of ₹170. What were its costs (in ₹)?
8. 8.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner keeps all profit (d) simplest to start
9. 9.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) one owner runs it
10. 10.A small business selling cupcakes had a revenue of ₹2040 and a profit of ₹1070. What were its costs (in ₹)?
11. 11.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner owes the debts (d) simplest to start
12. 12.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
13. 13.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
14. 14.A small business sells 55 friendship bands at ₹10 each. Its costs are ₹430. What is its profit (in ₹)?
15. 15.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
16. 16.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
17. 17.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
18. 18.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
19. 19.True or false: “simplest to start” is true of a company. (a) False (b) True
20. 20.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
21. 21.A small business sells 47 potted plants at ₹10 each. What is its revenue (in ₹)?
22. 22.A small business sells 19 potted plants at ₹35 each. What is its revenue (in ₹)?
23. 23.A small business selling clay diyas had a revenue of ₹1520 and a profit of ₹1010. What were its costs (in ₹)?
24. 24.A small business selling bags of popcorn had a revenue of ₹450 and a profit of ₹40. What were its costs (in ₹)?
25. 25.A small business sells 17 paper bookmarks at ₹15 each. Its costs are ₹50. What is its profit (in ₹)?
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) simplest to start (d) owned by shareholders
27. 27.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
28. 28.A small business sells 12 friendship bands at ₹30 each. Its costs are ₹130. What is its profit (in ₹)?
29. 29.A small business selling painted pebbles had a revenue of ₹630 and a profit of ₹560. What were its costs (in ₹)?
30. 30.A small business sells 20 fruit cups at ₹15 each. Its costs are ₹140. What is its profit (in ₹)?
31. 31.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
32. 32.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
33. 33.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
34. 34.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
35. 35.🎂 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
36. 36.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
37. 37.True or false: “owner owes the debts” is true of a company. (a) True (b) False
38. 38.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
39. 39.A small business sells 40 glasses of chai at ₹50 each. What is its revenue (in ₹)?
40. 40.A small business sells 56 fruit cups at ₹30 each. What is its revenue (in ₹)?

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