Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 497 · 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: one owner runs it? (a) a sole trader (b) a company
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
3. 3.A small business selling friendship bands had a revenue of ₹1710 and a profit of ₹470. What were its costs (in ₹)?
4. 4.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
5. 5.A small business sells 57 painted pebbles at ₹50 each. What is its revenue (in ₹)?
6. 6.A small business sells 27 painted pebbles at ₹45 each. What is its revenue (in ₹)?
7. 7.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
8. 8.A small business sells 24 cups of lemonade at ₹30 each. Its costs are ₹660. What is its profit (in ₹)?
9. 9.A small business sells 39 fruit cups at ₹50 each. Its costs are ₹830. What is its profit (in ₹)?
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
11. 11.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
12. 12.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
13. 13.A small business selling cupcakes had a revenue of ₹1610 and a profit of ₹50. What were its costs (in ₹)?
14. 14.A small business selling painted pebbles had a revenue of ₹1040 and a profit of ₹140. What were its costs (in ₹)?
15. 15.A small business sells 41 friendship bands at ₹5 each. What is its revenue (in ₹)?
16. 16.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
18. 18.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
20. 20.A small business selling friendship bands had a revenue of ₹855 and a profit of ₹595. What were its costs (in ₹)?
21. 21.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner owes the debts (d) simplest to start
22. 22.A small business sells 36 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
23. 23.A small business sells 17 fruit cups at ₹25 each. What is its revenue (in ₹)?
24. 24.A small business sells 31 glasses of chai at ₹20 each. Its costs are ₹240. What is its profit (in ₹)?
25. 25.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
26. 26.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
28. 28.True or false: “run by directors” is true of a company. (a) False (b) True
29. 29.A small business sells 31 fruit cups at ₹5 each. What is its revenue (in ₹)?
30. 30.A small business sells 16 bags of popcorn at ₹30 each. Its costs are ₹80. What is its profit (in ₹)?
31. 31.A small business sells 42 fruit cups at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
32. 32.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
33. 33.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
34. 34.A small business selling painted pebbles had a revenue of ₹765 and a profit of ₹225. What were its costs (in ₹)?
35. 35.A small business sells 21 glasses of chai at ₹35 each. Its costs are ₹450. What is its profit (in ₹)?
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) simplest to start
37. 37.A small business selling glasses of chai had a revenue of ₹1230 and a profit of ₹10. What were its costs (in ₹)?
38. 38.A small business selling cups of lemonade had a revenue of ₹1365 and a profit of ₹415. What were its costs (in ₹)?
39. 39.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
40. 40.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) owners’ risk is limited

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