Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 451 · 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 51 bags of popcorn 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.True or false: “simplest to start” is true of a company. (a) True (b) False
4. 4.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
5. 5.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
6. 6.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
7. 7.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner owes the debts
8. 8.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
9. 9.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
10. 10.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) simplest to start
11. 11.True or false: “run by directors” is true of a company. (a) False (b) True
12. 12.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
14. 14.A small business sells 54 handmade cards at ₹50 each. What is its revenue (in ₹)?
15. 15.A small business sells 35 glasses of chai at ₹40 each. What is its revenue (in ₹)?
16. 16.A small business sells 21 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
17. 17.True or false: “run by directors” is true of a sole trader. (a) False (b) True
18. 18.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
19. 19.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
20. 20.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) run by directors (d) owners’ risk is limited
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.A small business selling jute bags had a revenue of ₹300 and a profit of ₹90. What were its costs (in ₹)?
24. 24.A small business sells 56 friendship bands at ₹20 each. Its costs are ₹770. What is its profit (in ₹)?
25. 25.A small business sells 48 cupcakes at ₹20 each. What is its revenue (in ₹)?
26. 26.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
27. 27.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
28. 28.True or false: “owned by shareholders” is true of a company. (a) False (b) True
29. 29.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
30. 30.A small business sells 12 paper bookmarks at ₹15 each. Its costs are ₹50. What is its profit (in ₹)?
31. 31.A small business selling handmade cards had a revenue of ₹375 and a profit of ₹225. What were its costs (in ₹)?
32. 32.A small business selling friendship bands had a revenue of ₹1665 and a profit of ₹145. What were its costs (in ₹)?
33. 33.A small business sells 38 fruit cups at ₹35 each. What is its revenue (in ₹)?
34. 34.A small business selling fruit cups had a revenue of ₹1755 and a profit of ₹235. What were its costs (in ₹)?
35. 35.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
36. 36.A small business selling friendship bands had a revenue of ₹1410 and a profit of ₹310. What were its costs (in ₹)?
37. 37.A small business selling glasses of chai had a revenue of ₹720 and a profit of ₹400. What were its costs (in ₹)?
38. 38.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
39. 39.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owners’ risk is limited (d) run by directors
40. 40.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts

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