Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 743 · 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: all money from sales? (a) profit (b) revenue
2. 2.A small business selling glasses of chai had a revenue of ₹525 and a profit of ₹175. What were its costs (in ₹)?
3. 3.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) one owner runs it (d) owned by shareholders
4. 4.True or false: “simplest to start” is true of a company. (a) False (b) True
5. 5.A small business sells 19 cupcakes at ₹30 each. What is its revenue (in ₹)?
6. 6.True or false: “one owner runs it” is true of a company. (a) True (b) False
7. 7.A small business selling glasses of chai had a revenue of ₹500 and a profit of ₹470. What were its costs (in ₹)?
8. 8.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
9. 9.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
10. 10.A small business selling jute bags had a revenue of ₹1800 and a profit of ₹1190. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
13. 13.A small business selling jute bags had a revenue of ₹345 and a profit of ₹35. What were its costs (in ₹)?
14. 14.A small business sells 26 cups of lemonade at ₹15 each. Its costs are ₹190. What is its profit (in ₹)?
15. 15.A small business sells 22 cupcakes at ₹5 each. What is its revenue (in ₹)?
16. 16.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
17. 17.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 33 cupcakes at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
19. 19.A small business sells 33 painted pebbles at ₹5 each. What is its revenue (in ₹)?
20. 20.True or false: “run by directors” is true of a sole trader. (a) True (b) False
21. 21.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
22. 22.True or false: “owner owes the debts” is true of a company. (a) True (b) False
23. 23.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
24. 24.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
25. 25.A small business sells 47 glasses of chai at ₹15 each. What is its revenue (in ₹)?
26. 26.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
27. 27.A small business selling glasses of chai had a revenue of ₹190 and a profit of ₹30. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
29. 29.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
30. 30.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) owned by shareholders (d) a separate legal body
32. 32.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
33. 33.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
34. 34.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
35. 35.A small business sells 45 glasses of chai at ₹45 each. Its costs are ₹1440. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
37. 37.A small business sells 37 potted plants at ₹45 each. What is its revenue (in ₹)?
38. 38.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
39. 39.A small business sells 52 cupcakes at ₹40 each. Its costs are ₹260. What is its profit (in ₹)?
40. 40.A small business sells 58 jute bags at ₹30 each. What is its revenue (in ₹)?

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