Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 736 · 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.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
2. 2.A small business sells 23 bags of popcorn at ₹45 each. Its costs are ₹1000. What is its profit (in ₹)?
3. 3.A small business selling fruit cups had a revenue of ₹80 and a profit of ₹10. What were its costs (in ₹)?
4. 4.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owned by shareholders (d) one owner runs it
5. 5.True or false: “one owner runs it” is true of a company. (a) True (b) False
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.A small business sells 55 potted plants at ₹35 each. What is its revenue (in ₹)?
8. 8.A small business selling cups of lemonade had a revenue of ₹345 and a profit of ₹285. What were its costs (in ₹)?
9. 9.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
10. 10.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
11. 11.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
14. 14.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
15. 15.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
16. 16.A small business sells 59 cups of lemonade at ₹25 each. Its costs are ₹600. What is its profit (in ₹)?
17. 17.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
18. 18.A small business sells 35 clay diyas at ₹5 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) run by directors (d) owners’ risk is limited
20. 20.A small business sells 40 clay diyas at ₹25 each. Its costs are ₹230. What is its profit (in ₹)?
21. 21.A small business sells 18 fruit cups at ₹50 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
23. 23.True or false: “run by directors” is true of a company. (a) True (b) False
24. 24.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) run by directors
25. 25.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) simplest to start
26. 26.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner keeps all profit
27. 27.A small business sells 41 friendship bands at ₹15 each. What is its revenue (in ₹)?
28. 28.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
29. 29.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
31. 31.A small business sells 18 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
32. 32.True or false: “simplest to start” is true of a company. (a) False (b) True
33. 33.True or false: “owner owes the debts” is true of a company. (a) False (b) True
34. 34.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
35. 35.A small business selling paper bookmarks had a revenue of ₹205 and a profit of ₹95. What were its costs (in ₹)?
36. 36.A small business sells 16 fruit cups at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
37. 37.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
38. 38.A small business sells 23 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
39. 39.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
40. 40.A small business selling paper bookmarks had a revenue of ₹1120 and a profit of ₹230. What were its costs (in ₹)?

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