Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 53 · 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.True or false: “owned by shareholders” is true of a company. (a) True (b) False
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) simplest to start (d) run by directors
3. 3.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
5. 5.True or false: “one owner runs it” is true of a company. (a) False (b) True
6. 6.A small business selling cups of lemonade had a revenue of ₹170 and a profit of ₹30. What were its costs (in ₹)?
7. 7.A small business sells 46 fruit cups at ₹5 each. Its costs are ₹200. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
9. 9.A small business sells 23 friendship bands at ₹20 each. What is its revenue (in ₹)?
10. 10.A small business sells 26 potted plants at ₹50 each. What is its revenue (in ₹)?
11. 11.A small business selling painted pebbles had a revenue of ₹900 and a profit of ₹520. What were its costs (in ₹)?
12. 12.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
13. 13.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) one owner runs it
14. 14.True or false: “run by directors” is true of a company. (a) True (b) False
15. 15.A small business selling bags of popcorn had a revenue of ₹1410 and a profit of ₹1320. What were its costs (in ₹)?
16. 16.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
17. 17.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
18. 18.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 34 handmade cards at ₹45 each. Its costs are ₹1470. What is its profit (in ₹)?
20. 20.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
21. 21.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
23. 23.A small business sells 11 handmade cards at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?
24. 24.A small business selling glasses of chai had a revenue of ₹560 and a profit of ₹70. What were its costs (in ₹)?
25. 25.A small business selling glasses of chai had a revenue of ₹1140 and a profit of ₹630. What were its costs (in ₹)?
26. 26.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
27. 27.A small business selling glasses of chai had a revenue of ₹580 and a profit of ₹530. What were its costs (in ₹)?
28. 28.True or false: “run by directors” is true of a sole trader. (a) True (b) False
29. 29.True or false: “owner owes the debts” is true of a company. (a) True (b) False
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owners’ risk is limited
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
32. 32.A small business sells 18 cups of lemonade at ₹45 each. Its costs are ₹260. What is its profit (in ₹)?
33. 33.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
34. 34.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner owes the debts
36. 36.A small business sells 38 jute bags at ₹20 each. Its costs are ₹60. What is its profit (in ₹)?
37. 37.A small business sells 12 cups of lemonade at ₹45 each. Its costs are ₹340. What is its profit (in ₹)?
38. 38.A small business sells 56 glasses of chai at ₹30 each. What is its revenue (in ₹)?
39. 39.A small business sells 58 handmade cards at ₹20 each. What is its revenue (in ₹)?
40. 40.A small business sells 19 painted pebbles at ₹25 each. Its costs are ₹450. What is its profit (in ₹)?

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