Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 430 · 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 44 cupcakes at ₹15 each. What is its revenue (in ₹)?
2. 2.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
4. 4.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
5. 5.A small business sells 40 potted plants at ₹25 each. What is its revenue (in ₹)?
6. 6.A small business selling painted pebbles had a revenue of ₹50 and a profit of ₹10. What were its costs (in ₹)?
7. 7.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
8. 8.A small business selling cupcakes had a revenue of ₹590 and a profit of ₹200. What were its costs (in ₹)?
9. 9.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
10. 10.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.True or false: “run by directors” is true of a sole trader. (a) False (b) True
13. 13.A small business sells 12 clay diyas at ₹35 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
15. 15.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
16. 16.A small business sells 54 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
17. 17.A small business sells 60 cupcakes at ₹50 each. Its costs are ₹1650. What is its profit (in ₹)?
18. 18.A small business sells 12 fruit cups at ₹40 each. Its costs are ₹60. What is its profit (in ₹)?
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
20. 20.A small business sells 14 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) owners’ risk is limited
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
23. 23.📜 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
24. 24.A small business selling bags of popcorn had a revenue of ₹1125 and a profit of ₹395. What were its costs (in ₹)?
25. 25.A small business selling paper bookmarks had a revenue of ₹190 and a profit of ₹130. What were its costs (in ₹)?
26. 26.True or false: “simplest to start” is true of a company. (a) True (b) False
27. 27.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
29. 29.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
30. 30.A small business sells 43 fruit cups at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business sells 25 handmade cards at ₹15 each. What is its revenue (in ₹)?
32. 32.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
33. 33.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner keeps all profit (d) one owner runs it
34. 34.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
35. 35.A small business selling clay diyas had a revenue of ₹225 and a profit of ₹175. What were its costs (in ₹)?
36. 36.A small business sells 34 bags of popcorn at ₹40 each. Its costs are ₹740. What is its profit (in ₹)?
37. 37.A small business sells 15 clay diyas at ₹25 each. What is its revenue (in ₹)?
38. 38.A small business sells 60 jute bags at ₹25 each. Its costs are ₹290. What is its profit (in ₹)?
39. 39.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
40. 40.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) owners’ risk is limited (d) run by directors

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