Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 794 · 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: run by directors? (a) a company (b) a sole trader
2. 2.A small business sells 54 paper bookmarks at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
4. 4.🎂 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
5. 5.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
6. 6.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
7. 7.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: simplest to start? (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.True or false: “a separate legal body” is true of a company. (a) False (b) True
11. 11.A small business sells 53 cupcakes at ₹30 each. What is its revenue (in ₹)?
12. 12.A small business sells 13 fruit cups at ₹50 each. Its costs are ₹420. What is its profit (in ₹)?
13. 13.A small business sells 40 fruit cups at ₹25 each. Its costs are ₹630. What is its profit (in ₹)?
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
15. 15.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
16. 16.A small business sells 39 glasses of chai at ₹35 each. Its costs are ₹300. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
18. 18.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
19. 19.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
20. 20.A small business sells 10 fruit cups at ₹25 each. Its costs are ₹110. What is its profit (in ₹)?
21. 21.A small business sells 36 painted pebbles at ₹40 each. What is its revenue (in ₹)?
22. 22.A small business sells 12 cups of lemonade at ₹45 each. Its costs are ₹390. What is its profit (in ₹)?
23. 23.A small business selling friendship bands had a revenue of ₹120 and a profit of ₹40. What were its costs (in ₹)?
24. 24.A small business selling glasses of chai had a revenue of ₹470 and a profit of ₹240. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
26. 26.A small business sells 24 bags of popcorn at ₹50 each. Its costs are ₹30. What is its profit (in ₹)?
27. 27.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) run by directors
28. 28.A small business sells 55 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
29. 29.True or false: “run by directors” is true of a company. (a) True (b) False
30. 30.A small business sells 28 painted pebbles at ₹50 each. What is its revenue (in ₹)?
31. 31.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
32. 32.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
33. 33.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner owes the debts (d) run by directors
34. 34.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
35. 35.A small business selling glasses of chai had a revenue of ₹850 and a profit of ₹440. What were its costs (in ₹)?
36. 36.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
37. 37.A small business sells 41 handmade cards at ₹5 each. What is its revenue (in ₹)?
38. 38.A small business sells 24 cupcakes at ₹15 each. Its costs are ₹230. What is its profit (in ₹)?
39. 39.A small business selling bags of popcorn had a revenue of ₹2030 and a profit of ₹510. What were its costs (in ₹)?
40. 40.A small business selling friendship bands had a revenue of ₹240 and a profit of ₹150. What were its costs (in ₹)?

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