Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 84 · 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 sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) one owner runs it
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
4. 4.A small business sells 41 cups of lemonade at ₹45 each. Its costs are ₹110. What is its profit (in ₹)?
5. 5.A small business selling bags of popcorn had a revenue of ₹1050 and a profit of ₹890. What were its costs (in ₹)?
6. 6.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
7. 7.A small business sells 47 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
8. 8.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
9. 9.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) simplest to start (d) owner keeps all profit
10. 10.A small business sells 44 cupcakes at ₹10 each. Its costs are ₹160. What is its profit (in ₹)?
11. 11.A small business selling cups of lemonade had a revenue of ₹1925 and a profit of ₹35. What were its costs (in ₹)?
12. 12.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
13. 13.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
14. 14.A small business sells 27 jute bags at ₹25 each. What is its revenue (in ₹)?
15. 15.A small business sells 35 cupcakes at ₹30 each. What is its revenue (in ₹)?
16. 16.A small business sells 15 clay diyas at ₹40 each. What is its revenue (in ₹)?
17. 17.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
18. 18.A small business selling jute bags had a revenue of ₹455 and a profit of ₹275. What were its costs (in ₹)?
19. 19.A small business sells 57 potted plants at ₹20 each. Its costs are ₹580. What is its profit (in ₹)?
20. 20.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
21. 21.True or false: “simplest to start” is true of a company. (a) True (b) False
22. 22.A small business selling paper bookmarks had a revenue of ₹290 and a profit of ₹170. What were its costs (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) simplest to start
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
25. 25.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
26. 26.A small business selling clay diyas had a revenue of ₹1620 and a profit of ₹340. What were its costs (in ₹)?
27. 27.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
28. 28.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) run by directors
29. 29.A small business sells 50 cupcakes at ₹40 each. What is its revenue (in ₹)?
30. 30.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) a separate legal body
31. 31.A small business sells 36 friendship bands at ₹45 each. Its costs are ₹400. What is its profit (in ₹)?
32. 32.A small business sells 33 handmade cards at ₹10 each. Its costs are ₹210. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
34. 34.A small business selling fruit cups had a revenue of ₹585 and a profit of ₹385. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
36. 36.A small business sells 60 bags of popcorn at ₹20 each. Its costs are ₹160. What is its profit (in ₹)?
37. 37.A small business selling jute bags had a revenue of ₹2750 and a profit of ₹1980. What were its costs (in ₹)?
38. 38.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
39. 39.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
40. 40.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True

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