Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 347 · 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 minus costs equals… (a) revenue (b) stock (c) price (d) profit
2. 2.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
5. 5.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owned by shareholders (d) a separate legal body
6. 6.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
7. 7.A small business selling handmade cards had a revenue of ₹600 and a profit of ₹330. What were its costs (in ₹)?
8. 8.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
9. 9.A small business sells 31 glasses of chai at ₹50 each. What is its revenue (in ₹)?
10. 10.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
12. 12.True or false: “run by directors” is true of a company. (a) True (b) False
13. 13.True or false: “owned by shareholders” is true of a company. (a) False (b) True
14. 14.A small business sells 25 clay diyas at ₹20 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
16. 16.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) a separate legal body
17. 17.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
18. 18.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 40 potted plants at ₹35 each. What is its revenue (in ₹)?
20. 20.A small business selling fruit cups had a revenue of ₹290 and a profit of ₹230. What were its costs (in ₹)?
21. 21.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
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
23. 23.A small business sells 14 clay diyas at ₹45 each. What is its revenue (in ₹)?
24. 24.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
25. 25.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) simplest to start (d) one owner runs it
26. 26.A small business selling cups of lemonade had a revenue of ₹390 and a profit of ₹180. What were its costs (in ₹)?
27. 27.A small business selling bags of popcorn had a revenue of ₹1225 and a profit of ₹965. What were its costs (in ₹)?
28. 28.A small business selling glasses of chai had a revenue of ₹390 and a profit of ₹360. What were its costs (in ₹)?
29. 29.A small business sells 24 cupcakes at ₹25 each. Its costs are ₹160. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
31. 31.A small business sells 59 bags of popcorn at ₹45 each. Its costs are ₹2010. What is its profit (in ₹)?
32. 32.A small business selling clay diyas had a revenue of ₹1080 and a profit of ₹540. What were its costs (in ₹)?
33. 33.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
34. 34.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
37. 37.True or false: “one owner runs it” is true of a company. (a) False (b) True
38. 38.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
39. 39.A small business sells 29 potted plants at ₹45 each. Its costs are ₹510. What is its profit (in ₹)?
40. 40.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video

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