Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 747 · 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: left after all costs? (a) revenue (b) profit
2. 2.A small business sells 27 handmade cards at ₹15 each. Its costs are ₹380. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
4. 4.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
5. 5.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
6. 6.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
7. 7.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner owes the debts (d) simplest to start
8. 8.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
9. 9.A small business sells 57 friendship bands at ₹25 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
11. 11.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
12. 12.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
13. 13.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
14. 14.True or false: “run by directors” is true of a sole trader. (a) False (b) True
15. 15.A small business sells 54 fruit cups at ₹40 each. Its costs are ₹520. What is its profit (in ₹)?
16. 16.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
17. 17.True or false: “simplest to start” is true of a company. (a) False (b) True
18. 18.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
19. 19.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
20. 20.A small business sells 59 friendship bands at ₹20 each. Its costs are ₹330. What is its profit (in ₹)?
21. 21.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
22. 22.A small business sells 34 potted plants at ₹20 each. What is its revenue (in ₹)?
23. 23.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
24. 24.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner keeps all profit (d) one owner runs it
25. 25.A small business sells 58 glasses of chai at ₹30 each. Its costs are ₹150. What is its profit (in ₹)?
26. 26.A small business selling fruit cups had a revenue of ₹630 and a profit of ₹300. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
28. 28.A small business selling fruit cups had a revenue of ₹130 and a profit of ₹20. What were its costs (in ₹)?
29. 29.A small business sells 37 cups of lemonade at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
30. 30.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
31. 31.A small business sells 47 glasses of chai at ₹50 each. Its costs are ₹100. What is its profit (in ₹)?
32. 32.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
33. 33.A small business sells 22 cups of lemonade at ₹50 each. Its costs are ₹340. What is its profit (in ₹)?
34. 34.A small business sells 11 potted plants at ₹50 each. What is its revenue (in ₹)?
35. 35.A small business sells 49 jute bags at ₹50 each. Its costs are ₹1700. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
37. 37.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
38. 38.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
39. 39.A small business sells 59 glasses of chai at ₹40 each. What is its revenue (in ₹)?
40. 40.A small business selling cups of lemonade had a revenue of ₹2150 and a profit of ₹1550. What were its costs (in ₹)?

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