Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 509 · 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: a separate legal body? (a) a sole trader (b) a company
2. 2.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
3. 3.A small business sells 17 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
4. 4.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
5. 5.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
6. 6.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
7. 7.A small business selling paper bookmarks had a revenue of ₹450 and a profit of ₹140. What were its costs (in ₹)?
8. 8.A small business selling clay diyas had a revenue of ₹560 and a profit of ₹140. What were its costs (in ₹)?
9. 9.A small business selling cupcakes had a revenue of ₹910 and a profit of ₹40. What were its costs (in ₹)?
10. 10.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.A small business sells 16 fruit cups at ₹30 each. Its costs are ₹70. What is its profit (in ₹)?
13. 13.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
14. 14.A small business selling paper bookmarks had a revenue of ₹105 and a profit of ₹65. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
16. 16.A small business sells 25 friendship bands at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
17. 17.A small business sells 35 fruit cups at ₹25 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
19. 19.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
20. 20.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
21. 21.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
22. 22.A small business sells 59 painted pebbles at ₹50 each. What is its revenue (in ₹)?
23. 23.A small business sells 54 handmade cards at ₹45 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
25. 25.A small business sells 35 painted pebbles at ₹15 each. What is its revenue (in ₹)?
26. 26.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
27. 27.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
28. 28.A small business sells 13 friendship bands at ₹20 each. What is its revenue (in ₹)?
29. 29.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
31. 31.A small business sells 15 jute bags at ₹45 each. Its costs are ₹180. What is its profit (in ₹)?
32. 32.A small business sells 11 handmade cards at ₹20 each. Its costs are ₹140. What is its profit (in ₹)?
33. 33.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
34. 34.True or false: “a separate legal body” is true of a company. (a) False (b) True
35. 35.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner owes the debts (d) owner keeps all profit
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 17 glasses of chai at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?
38. 38.A small business sells 10 bags of popcorn at ₹20 each. Its costs are ₹100. What is its profit (in ₹)?
39. 39.A small business selling glasses of chai had a revenue of ₹320 and a profit of ₹280. What were its costs (in ₹)?
40. 40.A small business sells 29 fruit cups at ₹10 each. What is its revenue (in ₹)?

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