Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 708 · 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: one owner runs it? (a) a company (b) a sole trader
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
3. 3.A small business sells 27 potted plants at ₹30 each. What is its revenue (in ₹)?
4. 4.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
5. 5.A small business sells 33 paper bookmarks at ₹45 each. Its costs are ₹870. What is its profit (in ₹)?
6. 6.A small business sells 59 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
7. 7.A small business selling painted pebbles had a revenue of ₹1505 and a profit of ₹1375. What were its costs (in ₹)?
8. 8.A small business sells 15 friendship bands at ₹45 each. What is its revenue (in ₹)?
9. 9.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
10. 10.A small business selling potted plants had a revenue of ₹280 and a profit of ₹70. What were its costs (in ₹)?
11. 11.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) simplest to start (d) one owner runs it
12. 12.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
13. 13.A small business sells 18 jute bags at ₹25 each. Its costs are ₹380. What is its profit (in ₹)?
14. 14.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
15. 15.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
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.True or false: “run by directors” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 54 glasses of chai at ₹20 each. Its costs are ₹150. What is its profit (in ₹)?
20. 20.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) simplest to start
21. 21.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
22. 22.A small business sells 17 potted plants at ₹35 each. What is its revenue (in ₹)?
23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
27. 27.A small business sells 55 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
29. 29.A small business sells 45 handmade cards at ₹45 each. Its costs are ₹990. What is its profit (in ₹)?
30. 30.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) simplest to start
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
32. 32.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
33. 33.A small business selling friendship bands had a revenue of ₹2320 and a profit of ₹480. What were its costs (in ₹)?
34. 34.A small business selling fruit cups had a revenue of ₹1000 and a profit of ₹890. What were its costs (in ₹)?
35. 35.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
37. 37.A small business selling paper bookmarks had a revenue of ₹2000 and a profit of ₹1160. What were its costs (in ₹)?
38. 38.A small business sells 23 clay diyas at ₹45 each. What is its revenue (in ₹)?
39. 39.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
40. 40.📊 Revenue or profit: left after all costs? (a) revenue (b) profit

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