Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 583 · 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.A small business sells 44 friendship bands at ₹25 each. Its costs are ₹410. What is its profit (in ₹)?
2. 2.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owned by shareholders (d) run by directors
3. 3.True or false: “one owner runs it” is true of a company. (a) True (b) False
4. 4.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
5. 5.A small business sells 48 bags of popcorn at ₹50 each. Its costs are ₹250. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
7. 7.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
8. 8.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
9. 9.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
10. 10.A small business sells 40 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
11. 11.A small business sells 42 cupcakes at ₹30 each. What is its revenue (in ₹)?
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
13. 13.A small business selling clay diyas had a revenue of ₹495 and a profit of ₹175. What were its costs (in ₹)?
14. 14.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
15. 15.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
16. 16.A small business sells 37 clay diyas at ₹25 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.A small business selling cups of lemonade had a revenue of ₹1900 and a profit of ₹40. What were its costs (in ₹)?
19. 19.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts
20. 20.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
22. 22.A small business sells 49 friendship bands at ₹35 each. What is its revenue (in ₹)?
23. 23.A small business sells 16 cupcakes at ₹45 each. Its costs are ₹190. What is its profit (in ₹)?
24. 24.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) one owner runs it (d) owner owes the debts
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
27. 27.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) owner keeps all profit
28. 28.A small business selling handmade cards had a revenue of ₹1550 and a profit of ₹1410. What were its costs (in ₹)?
29. 29.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
30. 30.A small business selling cupcakes had a revenue of ₹590 and a profit of ₹450. What were its costs (in ₹)?
31. 31.True or false: “run by directors” is true of a sole trader. (a) False (b) True
32. 32.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
34. 34.True or false: “simplest to start” is true of a company. (a) False (b) True
35. 35.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
36. 36.A small business sells 18 cupcakes at ₹45 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
38. 38.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
39. 39.A small business selling glasses of chai had a revenue of ₹1260 and a profit of ₹900. What were its costs (in ₹)?
40. 40.A small business sells 37 handmade cards at ₹25 each. What is its revenue (in ₹)?

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