Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 821 · 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.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
2. 2.A small business sells 16 bags of popcorn at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
3. 3.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
4. 4.A small business sells 11 fruit cups at ₹45 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
6. 6.True or false: “owned by shareholders” is true of a company. (a) False (b) True
7. 7.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
8. 8.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
9. 9.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
10. 10.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
11. 11.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
12. 12.A small business sells 35 fruit cups at ₹10 each. What is its revenue (in ₹)?
13. 13.A small business sells 21 potted plants at ₹45 each. Its costs are ₹600. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
15. 15.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
16. 16.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
17. 17.A small business sells 41 friendship bands at ₹50 each. Its costs are ₹1550. What is its profit (in ₹)?
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) run by directors
20. 20.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
21. 21.A small business sells 58 clay diyas at ₹30 each. Its costs are ₹1230. What is its profit (in ₹)?
22. 22.A small business selling cupcakes had a revenue of ₹750 and a profit of ₹620. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
24. 24.A small business sells 39 fruit cups at ₹25 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
26. 26.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
27. 27.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) one owner runs it
28. 28.A small business sells 56 painted pebbles at ₹50 each. Its costs are ₹2750. What is its profit (in ₹)?
29. 29.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
30. 30.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
31. 31.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
32. 32.A small business selling cupcakes had a revenue of ₹95 and a profit of ₹55. What were its costs (in ₹)?
33. 33.A small business sells 24 glasses of chai at ₹45 each. What is its revenue (in ₹)?
34. 34.True or false: “owner owes the debts” is true of a company. (a) True (b) False
35. 35.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
36. 36.True or false: “simplest to start” is true of a company. (a) True (b) False
37. 37.A small business selling paper bookmarks had a revenue of ₹600 and a profit of ₹80. What were its costs (in ₹)?
38. 38.A small business selling potted plants had a revenue of ₹165 and a profit of ₹125. What were its costs (in ₹)?
39. 39.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
40. 40.A small business sells 40 clay diyas at ₹30 each. Its costs are ₹660. What is its profit (in ₹)?

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