Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 632 · 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 22 cupcakes at ₹40 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) run by directors
3. 3.True or false: “run by directors” is true of a sole trader. (a) True (b) False
4. 4.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
5. 5.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
6. 6.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
7. 7.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
8. 8.A small business sells 11 potted plants at ₹5 each. What is its revenue (in ₹)?
9. 9.A small business selling cups of lemonade had a revenue of ₹295 and a profit of ₹115. What were its costs (in ₹)?
10. 10.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
11. 11.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
12. 12.A small business selling friendship bands had a revenue of ₹230 and a profit of ₹30. What were its costs (in ₹)?
13. 13.A small business sells 46 painted pebbles at ₹40 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
15. 15.A small business sells 43 fruit cups at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
17. 17.A small business selling potted plants had a revenue of ₹285 and a profit of ₹135. What were its costs (in ₹)?
18. 18.True or false: “one owner runs it” is true of a company. (a) False (b) True
19. 19.A small business selling potted plants had a revenue of ₹2080 and a profit of ₹910. What were its costs (in ₹)?
20. 20.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) simplest to start
22. 22.A small business selling glasses of chai had a revenue of ₹300 and a profit of ₹230. What were its costs (in ₹)?
23. 23.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
24. 24.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) simplest to start
26. 26.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
27. 27.A small business sells 57 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
29. 29.A small business sells 52 jute bags at ₹15 each. What is its revenue (in ₹)?
30. 30.A small business selling paper bookmarks had a revenue of ₹2430 and a profit of ₹150. What were its costs (in ₹)?
31. 31.A small business sells 14 potted plants at ₹15 each. What is its revenue (in ₹)?
32. 32.A small business selling paper bookmarks had a revenue of ₹270 and a profit of ₹240. What were its costs (in ₹)?
33. 33.📜 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
34. 34.A small business selling fruit cups had a revenue of ₹850 and a profit of ₹640. What were its costs (in ₹)?
35. 35.A small business selling paper bookmarks had a revenue of ₹2340 and a profit of ₹1840. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
37. 37.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
38. 38.A small business sells 18 bags of popcorn at ₹20 each. Its costs are ₹230. What is its profit (in ₹)?
39. 39.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
40. 40.A small business sells 10 cupcakes at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?

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