Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 532 · 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.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
2. 2.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) run by directors (d) a separate legal body
5. 5.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) simplest to start (d) owner keeps all profit
6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
7. 7.A small business selling jute bags had a revenue of ₹1330 and a profit of ₹260. What were its costs (in ₹)?
8. 8.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
9. 9.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
10. 10.A small business selling fruit cups had a revenue of ₹1755 and a profit of ₹705. What were its costs (in ₹)?
11. 11.A small business sells 24 jute bags at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
12. 12.A small business selling cups of lemonade had a revenue of ₹765 and a profit of ₹395. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.A small business selling jute bags had a revenue of ₹250 and a profit of ₹10. What were its costs (in ₹)?
15. 15.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
16. 16.A small business selling friendship bands had a revenue of ₹70 and a profit of ₹40. What were its costs (in ₹)?
17. 17.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
18. 18.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
19. 19.A small business sells 19 fruit cups at ₹30 each. What is its revenue (in ₹)?
20. 20.True or false: “owner owes the debts” is true of a company. (a) True (b) False
21. 21.A small business sells 39 cups of lemonade at ₹25 each. Its costs are ₹40. What is its profit (in ₹)?
22. 22.A small business selling friendship bands had a revenue of ₹640 and a profit of ₹140. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
24. 24.A small business sells 22 paper bookmarks at ₹50 each. Its costs are ₹1080. What is its profit (in ₹)?
25. 25.A small business sells 11 fruit cups at ₹35 each. Its costs are ₹200. What is its profit (in ₹)?
26. 26.A small business sells 40 glasses of chai at ₹35 each. Its costs are ₹280. What is its profit (in ₹)?
27. 27.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
29. 29.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
30. 30.A small business selling handmade cards had a revenue of ₹840 and a profit of ₹560. What were its costs (in ₹)?
31. 31.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) run by directors
32. 32.A small business sells 27 friendship bands at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
33. 33.A small business sells 55 glasses of chai at ₹25 each. Its costs are ₹1110. What is its profit (in ₹)?
34. 34.A small business sells 52 fruit cups at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
35. 35.A small business selling paper bookmarks had a revenue of ₹310 and a profit of ₹70. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
37. 37.A small business sells 55 potted plants at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
39. 39.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
40. 40.A small business selling bags of popcorn had a revenue of ₹110 and a profit of ₹40. What were its costs (in ₹)?

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