Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 763 · 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: price × number sold? (a) profit (b) revenue
2. 2.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) owner owes the debts
4. 4.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
5. 5.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
6. 6.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
8. 8.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.A small business sells 15 cupcakes at ₹25 each. Its costs are ₹210. What is its profit (in ₹)?
11. 11.A small business selling glasses of chai had a revenue of ₹1600 and a profit of ₹200. What were its costs (in ₹)?
12. 12.A small business selling bags of popcorn had a revenue of ₹765 and a profit of ₹225. What were its costs (in ₹)?
13. 13.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
14. 14.A small business sells 22 friendship bands at ₹35 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) a separate legal body
16. 16.A small business sells 45 potted plants at ₹25 each. What is its revenue (in ₹)?
17. 17.A small business selling cups of lemonade had a revenue of ₹720 and a profit of ₹340. What were its costs (in ₹)?
18. 18.A small business sells 54 glasses of chai at ₹10 each. What is its revenue (in ₹)?
19. 19.A small business sells 22 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) one owner runs it (d) simplest to start
21. 21.A small business sells 47 fruit cups at ₹30 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
23. 23.True or false: “run by directors” is true of a sole trader. (a) False (b) True
24. 24.A small business sells 12 bags of popcorn at ₹30 each. Its costs are ₹310. What is its profit (in ₹)?
25. 25.True or false: “owned by shareholders” is true of a company. (a) False (b) True
26. 26.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
27. 27.A small business sells 32 glasses of chai at ₹40 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) simplest to start (d) one owner runs it
29. 29.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
30. 30.A small business sells 23 clay diyas at ₹20 each. What is its revenue (in ₹)?
31. 31.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
33. 33.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
34. 34.A small business selling paper bookmarks had a revenue of ₹700 and a profit of ₹570. What were its costs (in ₹)?
35. 35.A small business selling painted pebbles had a revenue of ₹240 and a profit of ₹170. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
37. 37.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
38. 38.A small business sells 13 jute bags at ₹10 each. What is its revenue (in ₹)?
39. 39.True or false: “run by directors” is true of a company. (a) False (b) True
40. 40.A small business sells 21 fruit cups at ₹50 each. What is its revenue (in ₹)?

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