Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 438 · 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 53 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
2. 2.True or false: “owner owes the debts” is true of a company. (a) False (b) True
3. 3.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
4. 4.A small business sells 48 glasses of chai at ₹25 each. Its costs are ₹730. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
6. 6.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
7. 7.True or false: “simplest to start” is true of a company. (a) False (b) True
8. 8.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
10. 10.A small business sells 56 bags of popcorn at ₹15 each. Its costs are ₹200. What is its profit (in ₹)?
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
12. 12.A small business sells 38 fruit cups at ₹20 each. What is its revenue (in ₹)?
13. 13.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
14. 14.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) run by directors
16. 16.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
17. 17.A small business sells 52 painted pebbles at ₹30 each. What is its revenue (in ₹)?
18. 18.A small business sells 16 cups of lemonade at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
19. 19.A small business sells 54 friendship bands at ₹25 each. What is its revenue (in ₹)?
20. 20.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
21. 21.A small business selling handmade cards had a revenue of ₹370 and a profit of ₹80. What were its costs (in ₹)?
22. 22.A small business sells 32 potted plants at ₹50 each. Its costs are ₹730. What is its profit (in ₹)?
23. 23.A small business sells 29 cupcakes at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
24. 24.A small business selling glasses of chai had a revenue of ₹800 and a profit of ₹130. What were its costs (in ₹)?
25. 25.A small business selling painted pebbles had a revenue of ₹840 and a profit of ₹730. What were its costs (in ₹)?
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
27. 27.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) a separate legal body
28. 28.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) run by directors
29. 29.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
30. 30.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
31. 31.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
32. 32.A small business sells 56 glasses of chai at ₹25 each. What is its revenue (in ₹)?
33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
34. 34.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
35. 35.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner keeps all profit
36. 36.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
37. 37.A small business selling handmade cards had a revenue of ₹195 and a profit of ₹15. What were its costs (in ₹)?
38. 38.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
39. 39.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 32 fruit cups at ₹25 each. Its costs are ₹310. What is its profit (in ₹)?

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