Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 41 · 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.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
2. 2.A small business selling painted pebbles had a revenue of ₹1450 and a profit of ₹1440. What were its costs (in ₹)?
3. 3.A small business sells 43 handmade cards at ₹35 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) owners’ risk is limited
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.A small business sells 24 cups of lemonade at ₹35 each. Its costs are ₹810. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
9. 9.True or false: “a separate legal body” is true of a company. (a) True (b) False
10. 10.🎂 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
11. 11.A small business sells 15 cups of lemonade at ₹30 each. Its costs are ₹310. What is its profit (in ₹)?
12. 12.A small business sells 19 painted pebbles at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
13. 13.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
14. 14.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
15. 15.A small business sells 10 painted pebbles at ₹35 each. Its costs are ₹90. What is its profit (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) a separate legal body (d) owners’ risk is limited
17. 17.A small business selling fruit cups had a revenue of ₹575 and a profit of ₹65. What were its costs (in ₹)?
18. 18.A small business sells 24 clay diyas at ₹15 each. Its costs are ₹280. What is its profit (in ₹)?
19. 19.A small business sells 46 clay diyas at ₹15 each. What is its revenue (in ₹)?
20. 20.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
21. 21.A small business selling friendship bands had a revenue of ₹320 and a profit of ₹40. What were its costs (in ₹)?
22. 22.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
24. 24.A small business selling paper bookmarks had a revenue of ₹1200 and a profit of ₹710. What were its costs (in ₹)?
25. 25.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) a separate legal body (d) simplest to start
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 34 painted pebbles at ₹40 each. Its costs are ₹550. What is its profit (in ₹)?
28. 28.A small business sells 32 painted pebbles at ₹45 each. Its costs are ₹640. What is its profit (in ₹)?
29. 29.A small business sells 34 cupcakes at ₹40 each. What is its revenue (in ₹)?
30. 30.True or false: “simplest to start” is true of a company. (a) True (b) False
31. 31.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) run by directors (d) one owner runs it
32. 32.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
35. 35.A small business selling glasses of chai had a revenue of ₹1680 and a profit of ₹1600. What were its costs (in ₹)?
36. 36.A small business selling paper bookmarks had a revenue of ₹225 and a profit of ₹25. What were its costs (in ₹)?
37. 37.A small business sells 38 fruit cups at ₹25 each. Its costs are ₹480. What is its profit (in ₹)?
38. 38.A small business sells 23 clay diyas at ₹50 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
40. 40.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders

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