Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 650 · 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: simplest to start? (a) a sole trader (b) a company
2. 2.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
4. 4.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner owes the debts (d) owner keeps all profit
5. 5.A small business sells 25 cupcakes at ₹15 each. What is its revenue (in ₹)?
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.A small business selling cups of lemonade had a revenue of ₹630 and a profit of ₹20. What were its costs (in ₹)?
8. 8.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
9. 9.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
10. 10.A small business sells 46 glasses of chai at ₹25 each. What is its revenue (in ₹)?
11. 11.A small business selling paper bookmarks had a revenue of ₹1540 and a profit of ₹1370. What were its costs (in ₹)?
12. 12.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
13. 13.A small business sells 26 cups of lemonade at ₹45 each. Its costs are ₹380. What is its profit (in ₹)?
14. 14.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
15. 15.A small business sells 41 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
16. 16.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
17. 17.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
18. 18.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) simplest to start (d) owners’ risk is limited
19. 19.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) one owner runs it (d) a separate legal body
20. 20.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
21. 21.A small business sells 41 painted pebbles at ₹20 each. What is its revenue (in ₹)?
22. 22.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
23. 23.A small business sells 14 handmade cards at ₹30 each. Its costs are ₹410. What is its profit (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) owner keeps all profit
25. 25.A small business selling painted pebbles had a revenue of ₹560 and a profit of ₹410. What were its costs (in ₹)?
26. 26.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
27. 27.A small business sells 60 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
28. 28.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
29. 29.A small business sells 57 potted plants at ₹25 each. Its costs are ₹840. What is its profit (in ₹)?
30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
31. 31.A small business sells 32 fruit cups at ₹5 each. What is its revenue (in ₹)?
32. 32.A small business sells 53 potted plants at ₹10 each. Its costs are ₹500. What is its profit (in ₹)?
33. 33.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
34. 34.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
35. 35.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
36. 36.A small business sells 58 glasses of chai at ₹35 each. Its costs are ₹590. What is its profit (in ₹)?
37. 37.A small business sells 19 painted pebbles at ₹10 each. What is its revenue (in ₹)?
38. 38.A small business selling friendship bands had a revenue of ₹120 and a profit of ₹80. What were its costs (in ₹)?
39. 39.A small business sells 14 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
40. 40.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue

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