Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 573 · 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: “owner keeps all profit” is true of a sole trader. (a) True (b) False
2. 2.A small business selling glasses of chai had a revenue of ₹175 and a profit of ₹75. What were its costs (in ₹)?
3. 3.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
5. 5.True or false: “owner owes the debts” is true of a company. (a) True (b) False
6. 6.A small business sells 23 cupcakes at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
7. 7.A small business selling bags of popcorn had a revenue of ₹1400 and a profit of ₹100. What were its costs (in ₹)?
8. 8.True or false: “simplest to start” is true of a company. (a) False (b) True
9. 9.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
10. 10.A small business sells 55 handmade cards at ₹5 each. What is its revenue (in ₹)?
11. 11.A small business sells 33 cupcakes at ₹30 each. What is its revenue (in ₹)?
12. 12.A small business selling glasses of chai had a revenue of ₹280 and a profit of ₹30. What were its costs (in ₹)?
13. 13.A small business selling fruit cups had a revenue of ₹300 and a profit of ₹210. What were its costs (in ₹)?
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
15. 15.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
16. 16.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
17. 17.🎂 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
18. 18.True or false: “run by directors” is true of a sole trader. (a) True (b) False
19. 19.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
20. 20.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
21. 21.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
22. 22.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
23. 23.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
26. 26.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owners’ risk is limited (d) owner owes the debts
27. 27.A small business selling handmade cards had a revenue of ₹720 and a profit of ₹510. What were its costs (in ₹)?
28. 28.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
29. 29.True or false: “run by directors” is true of a company. (a) False (b) True
30. 30.A small business sells 42 potted plants at ₹15 each. Its costs are ₹400. What is its profit (in ₹)?
31. 31.A small business sells 41 painted pebbles at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
32. 32.A small business sells 13 jute bags at ₹30 each. What is its revenue (in ₹)?
33. 33.A small business selling clay diyas had a revenue of ₹650 and a profit of ₹40. What were its costs (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) run by directors
35. 35.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
36. 36.A small business selling clay diyas had a revenue of ₹300 and a profit of ₹260. What were its costs (in ₹)?
37. 37.A small business sells 37 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
38. 38.A small business selling fruit cups had a revenue of ₹480 and a profit of ₹350. What were its costs (in ₹)?
39. 39.A small business sells 23 cups of lemonade at ₹20 each. Its costs are ₹400. What is its profit (in ₹)?
40. 40.A small business selling fruit cups had a revenue of ₹855 and a profit of ₹785. What were its costs (in ₹)?

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