Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 381 · 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 43 cups of lemonade at ₹20 each. Its costs are ₹560. What is its profit (in ₹)?
2. 2.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
3. 3.A small business selling painted pebbles had a revenue of ₹350 and a profit of ₹80. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
7. 7.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
8. 8.A small business selling cups of lemonade had a revenue of ₹70 and a profit of ₹30. What were its costs (in ₹)?
9. 9.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
10. 10.A small business selling jute bags had a revenue of ₹520 and a profit of ₹500. What were its costs (in ₹)?
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) simplest to start (d) run by directors
12. 12.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
13. 13.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
14. 14.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) owner keeps all profit
15. 15.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
16. 16.A small business sells 12 friendship bands at ₹5 each. What is its revenue (in ₹)?
17. 17.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
18. 18.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
19. 19.A small business selling potted plants had a revenue of ₹1600 and a profit of ₹140. What were its costs (in ₹)?
20. 20.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
21. 21.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
23. 23.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) owner owes the debts
24. 24.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
25. 25.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
26. 26.A small business sells 39 glasses of chai at ₹30 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
28. 28.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
29. 29.A small business selling jute bags had a revenue of ₹500 and a profit of ₹230. What were its costs (in ₹)?
30. 30.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
31. 31.True or false: “one owner runs it” is true of a company. (a) False (b) True
32. 32.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
33. 33.A small business sells 11 fruit cups at ₹5 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
35. 35.A small business sells 41 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
36. 36.True or false: “owned by shareholders” is true of a company. (a) True (b) False
37. 37.A small business sells 29 fruit cups at ₹20 each. What is its revenue (in ₹)?
38. 38.A small business selling bags of popcorn had a revenue of ₹225 and a profit of ₹15. What were its costs (in ₹)?
39. 39.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
40. 40.A small business sells 15 friendship bands at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?

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