Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 627 · 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.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
2. 2.A small business selling handmade cards had a revenue of ₹240 and a profit of ₹60. What were its costs (in ₹)?
3. 3.A small business sells 32 cupcakes at ₹25 each. What is its revenue (in ₹)?
4. 4.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
5. 5.A small business selling paper bookmarks had a revenue of ₹450 and a profit of ₹120. What were its costs (in ₹)?
6. 6.A small business sells 33 handmade cards at ₹50 each. What is its revenue (in ₹)?
7. 7.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
8. 8.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
9. 9.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
10. 10.A small business selling cupcakes had a revenue of ₹270 and a profit of ₹150. What were its costs (in ₹)?
11. 11.A small business sells 60 jute bags at ₹35 each. Its costs are ₹300. What is its profit (in ₹)?
12. 12.True or false: “one owner runs it” is true of a company. (a) False (b) True
13. 13.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) owners’ risk is limited
14. 14.True or false: “a separate legal body” is true of a company. (a) False (b) True
15. 15.A small business selling cups of lemonade had a revenue of ₹540 and a profit of ₹490. What were its costs (in ₹)?
16. 16.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
17. 17.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
18. 18.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
19. 19.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
20. 20.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
21. 21.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
22. 22.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
23. 23.A small business sells 21 friendship bands at ₹10 each. Its costs are ₹200. What is its profit (in ₹)?
24. 24.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
25. 25.A small business sells 12 friendship bands at ₹25 each. What is its revenue (in ₹)?
26. 26.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) a separate legal body
27. 27.A small business sells 19 fruit cups at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
28. 28.True or false: “run by directors” is true of a company. (a) True (b) False
29. 29.A small business sells 45 glasses of chai at ₹5 each. What is its revenue (in ₹)?
30. 30.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
31. 31.A small business selling fruit cups had a revenue of ₹1230 and a profit of ₹260. What were its costs (in ₹)?
32. 32.True or false: “simplest to start” is true of a company. (a) False (b) True
33. 33.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
34. 34.A small business sells 55 potted plants at ₹20 each. Its costs are ₹310. What is its profit (in ₹)?
35. 35.A small business selling friendship bands had a revenue of ₹1200 and a profit of ₹580. What were its costs (in ₹)?
36. 36.A small business sells 27 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
37. 37.A small business selling potted plants had a revenue of ₹450 and a profit of ₹410. What were its costs (in ₹)?
38. 38.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) a separate legal body
39. 39.A small business selling fruit cups had a revenue of ₹2030 and a profit of ₹1410. What were its costs (in ₹)?
40. 40.A small business sells 26 painted pebbles at ₹25 each. What is its revenue (in ₹)?

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