Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 269 · 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 11 cupcakes at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
2. 2.A small business sells 31 clay diyas at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
3. 3.A small business sells 47 friendship bands at ₹40 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) a separate legal body
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) run by directors (d) owned by shareholders
6. 6.True or false: “run by directors” is true of a company. (a) True (b) False
7. 7.True or false: “owned by shareholders” is true of a company. (a) False (b) True
8. 8.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
9. 9.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) simplest to start
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
13. 13.A small business selling cupcakes had a revenue of ₹2100 and a profit of ₹1720. What were its costs (in ₹)?
14. 14.A small business sells 30 friendship bands at ₹10 each. Its costs are ₹260. What is its profit (in ₹)?
15. 15.A small business sells 28 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) run by directors
17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 17 clay diyas at ₹10 each. What is its revenue (in ₹)?
20. 20.True or false: “run by directors” is true of a sole trader. (a) True (b) False
21. 21.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
22. 22.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
23. 23.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
25. 25.True or false: “owner owes the debts” is true of a company. (a) True (b) False
26. 26.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
27. 27.A small business sells 34 cups of lemonade at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
28. 28.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
29. 29.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
30. 30.A small business sells 53 fruit cups at ₹30 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) one owner runs it (d) owner keeps all profit
32. 32.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
33. 33.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
34. 34.A small business sells 34 cupcakes at ₹50 each. What is its revenue (in ₹)?
35. 35.A small business selling cupcakes had a revenue of ₹720 and a profit of ₹530. What were its costs (in ₹)?
36. 36.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
37. 37.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner keeps all profit
38. 38.A small business sells 31 glasses of chai at ₹10 each. Its costs are ₹220. What is its profit (in ₹)?
39. 39.A small business selling cups of lemonade had a revenue of ₹400 and a profit of ₹250. What were its costs (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a company. (a) False (b) True

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