Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 819 · 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.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner owes the debts (d) owner keeps all profit
2. 2.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
3. 3.📜 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
4. 4.A small business sells 17 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
5. 5.A small business sells 13 glasses of chai at ₹35 each. What is its revenue (in ₹)?
6. 6.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
7. 7.A small business selling bags of popcorn had a revenue of ₹1250 and a profit of ₹250. What were its costs (in ₹)?
8. 8.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
9. 9.A small business selling glasses of chai had a revenue of ₹1700 and a profit of ₹520. What were its costs (in ₹)?
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) run by directors (d) owners’ risk is limited
11. 11.A small business selling cups of lemonade had a revenue of ₹315 and a profit of ₹85. What were its costs (in ₹)?
12. 12.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owners’ risk is limited (d) owned by shareholders
13. 13.True or false: “simplest to start” is true of a company. (a) False (b) True
14. 14.A small business sells 31 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
16. 16.A small business sells 40 glasses of chai at ₹35 each. What is its revenue (in ₹)?
17. 17.True or false: “owned by shareholders” is true of a company. (a) True (b) False
18. 18.A small business sells 38 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
20. 20.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
21. 21.A small business selling potted plants had a revenue of ₹1260 and a profit of ₹50. What were its costs (in ₹)?
22. 22.A small business sells 10 potted plants at ₹5 each. What is its revenue (in ₹)?
23. 23.A small business sells 59 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
24. 24.A small business sells 13 handmade cards at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?
25. 25.A small business sells 29 fruit cups at ₹50 each. What is its revenue (in ₹)?
26. 26.A small business selling jute bags had a revenue of ₹400 and a profit of ₹190. What were its costs (in ₹)?
27. 27.A small business sells 20 painted pebbles at ₹45 each. Its costs are ₹10. What is its profit (in ₹)?
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
29. 29.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
30. 30.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) one owner runs it (d) owner owes the debts
31. 31.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
33. 33.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
34. 34.A small business sells 28 clay diyas at ₹20 each. Its costs are ₹420. What is its profit (in ₹)?
35. 35.A small business selling jute bags had a revenue of ₹570 and a profit of ₹480. What were its costs (in ₹)?
36. 36.A small business sells 47 fruit cups at ₹40 each. Its costs are ₹1620. What is its profit (in ₹)?
37. 37.True or false: “run by directors” is true of a company. (a) True (b) False
38. 38.A small business selling potted plants had a revenue of ₹385 and a profit of ₹285. What were its costs (in ₹)?
39. 39.A small business sells 49 clay diyas at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company

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