Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 450 · 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 selling cups of lemonade had a revenue of ₹540 and a profit of ₹130. What were its costs (in ₹)?
2. 2.A small business selling paper bookmarks had a revenue of ₹80 and a profit of ₹10. What were its costs (in ₹)?
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
5. 5.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
6. 6.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
7. 7.A small business selling clay diyas had a revenue of ₹280 and a profit of ₹220. What were its costs (in ₹)?
8. 8.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
9. 9.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
10. 10.A small business sells 26 painted pebbles at ₹25 each. Its costs are ₹360. What is its profit (in ₹)?
11. 11.A small business sells 42 fruit cups at ₹35 each. Its costs are ₹300. What is its profit (in ₹)?
12. 12.A small business selling painted pebbles had a revenue of ₹1855 and a profit of ₹1595. What were its costs (in ₹)?
13. 13.A small business selling cups of lemonade had a revenue of ₹1280 and a profit of ₹300. What were its costs (in ₹)?
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
15. 15.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
16. 16.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
17. 17.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
18. 18.True or false: “one owner runs it” is true of a company. (a) True (b) False
19. 19.A small business sells 46 fruit cups at ₹10 each. What is its revenue (in ₹)?
20. 20.A small business sells 15 fruit cups at ₹25 each. What is its revenue (in ₹)?
21. 21.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
22. 22.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
23. 23.A small business selling fruit cups had a revenue of ₹220 and a profit of ₹50. What were its costs (in ₹)?
24. 24.A small business selling painted pebbles had a revenue of ₹160 and a profit of ₹40. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
26. 26.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
27. 27.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
29. 29.A small business sells 53 cupcakes at ₹20 each. Its costs are ₹40. What is its profit (in ₹)?
30. 30.A small business sells 13 fruit cups at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
31. 31.A small business selling painted pebbles had a revenue of ₹750 and a profit of ₹710. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
33. 33.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
34. 34.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner keeps all profit (d) owned by shareholders
35. 35.A small business sells 29 glasses of chai at ₹15 each. What is its revenue (in ₹)?
36. 36.A small business sells 53 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
37. 37.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
38. 38.A small business selling friendship bands had a revenue of ₹145 and a profit of ₹35. What were its costs (in ₹)?
39. 39.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
40. 40.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company

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