Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 556 · 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) a separate legal body (b) run by directors (c) one owner runs it (d) owners’ risk is limited
2. 2.A small business sells 31 cups of lemonade at ₹45 each. Its costs are ₹700. What is its profit (in ₹)?
3. 3.A small business sells 53 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
4. 4.A small business sells 59 paper bookmarks at ₹50 each. Its costs are ₹240. What is its profit (in ₹)?
5. 5.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
6. 6.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner owes the debts (d) simplest to start
7. 7.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) one owner runs it (d) owner keeps all profit
8. 8.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
9. 9.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
10. 10.A small business sells 49 jute bags at ₹30 each. Its costs are ₹1210. What is its profit (in ₹)?
11. 11.True or false: “one owner runs it” is true of a company. (a) True (b) False
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) a separate legal body
13. 13.A small business sells 42 potted plants at ₹45 each. What is its revenue (in ₹)?
14. 14.A small business selling friendship bands had a revenue of ₹870 and a profit of ₹510. What were its costs (in ₹)?
15. 15.A small business selling handmade cards had a revenue of ₹780 and a profit of ₹510. What were its costs (in ₹)?
16. 16.A small business selling bags of popcorn had a revenue of ₹660 and a profit of ₹540. What were its costs (in ₹)?
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit
18. 18.A small business sells 35 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
19. 19.A small business selling paper bookmarks had a revenue of ₹230 and a profit of ₹90. What were its costs (in ₹)?
20. 20.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
22. 22.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
23. 23.A small business selling bags of popcorn had a revenue of ₹1000 and a profit of ₹490. What were its costs (in ₹)?
24. 24.A small business sells 29 cupcakes at ₹30 each. What is its revenue (in ₹)?
25. 25.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
26. 26.True or false: “run by directors” is true of a company. (a) True (b) False
27. 27.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
28. 28.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
30. 30.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
31. 31.A small business sells 56 potted plants at ₹35 each. Its costs are ₹1550. What is its profit (in ₹)?
32. 32.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
33. 33.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
34. 34.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
35. 35.True or false: “simplest to start” is true of a company. (a) True (b) False
36. 36.A small business sells 44 bags of popcorn at ₹10 each. Its costs are ₹200. What is its profit (in ₹)?
37. 37.True or false: “owned by shareholders” is true of a company. (a) True (b) False
38. 38.A small business selling friendship bands had a revenue of ₹1020 and a profit of ₹580. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
40. 40.A small business sells 14 glasses of chai at ₹10 each. Its costs are ₹120. What is its profit (in ₹)?

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