Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 52 · 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.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
2. 2.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.A small business selling cups of lemonade had a revenue of ₹100 and a profit of ₹80. What were its costs (in ₹)?
5. 5.A small business sells 29 friendship bands at ₹45 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) one owner runs it
7. 7.A small business selling cupcakes had a revenue of ₹200 and a profit of ₹20. What were its costs (in ₹)?
8. 8.A small business sells 58 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
9. 9.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
10. 10.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
11. 11.A small business sells 54 cups of lemonade at ₹50 each. Its costs are ₹680. What is its profit (in ₹)?
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
13. 13.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.A small business sells 29 handmade cards at ₹35 each. Its costs are ₹580. What is its profit (in ₹)?
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
17. 17.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
18. 18.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) simplest to start (d) owner owes the debts
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
21. 21.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) owner owes the debts
22. 22.A small business selling cups of lemonade had a revenue of ₹700 and a profit of ₹160. What were its costs (in ₹)?
23. 23.A small business sells 10 fruit cups at ₹10 each. What is its revenue (in ₹)?
24. 24.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
25. 25.A small business selling bags of popcorn had a revenue of ₹840 and a profit of ₹10. What were its costs (in ₹)?
26. 26.True or false: “one owner runs it” is true of a company. (a) True (b) False
27. 27.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
28. 28.True or false: “run by directors” is true of a company. (a) True (b) False
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) owners’ risk is limited
30. 30.A small business selling cupcakes had a revenue of ₹765 and a profit of ₹175. What were its costs (in ₹)?
31. 31.A small business selling jute bags had a revenue of ₹2100 and a profit of ₹1650. What were its costs (in ₹)?
32. 32.A small business sells 20 handmade cards at ₹35 each. What is its revenue (in ₹)?
33. 33.A small business sells 52 paper bookmarks at ₹15 each. Its costs are ₹480. What is its profit (in ₹)?
34. 34.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
37. 37.A small business sells 39 handmade cards at ₹35 each. What is its revenue (in ₹)?
38. 38.True or false: “owned by shareholders” is true of a company. (a) True (b) False
39. 39.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
40. 40.A small business sells 29 handmade cards at ₹10 each. What is its revenue (in ₹)?

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