Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 848 · 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.True or false: “owner owes the debts” is true of a company. (a) False (b) True
2. 2.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) run by directors (d) owned by shareholders
4. 4.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
7. 7.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
9. 9.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
10. 10.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
11. 11.A small business sells 45 glasses of chai at ₹10 each. Its costs are ₹180. What is its profit (in ₹)?
12. 12.A small business selling potted plants had a revenue of ₹325 and a profit of ₹35. What were its costs (in ₹)?
13. 13.A small business sells 55 clay diyas at ₹30 each. What is its revenue (in ₹)?
14. 14.A small business selling bags of popcorn had a revenue of ₹1590 and a profit of ₹10. What were its costs (in ₹)?
15. 15.A small business sells 60 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
16. 16.A small business sells 13 potted plants at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
17. 17.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) owner keeps all profit
18. 18.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
19. 19.A small business selling handmade cards had a revenue of ₹780 and a profit of ₹770. What were its costs (in ₹)?
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
21. 21.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
22. 22.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
23. 23.A small business selling handmade cards had a revenue of ₹2280 and a profit of ₹1340. What were its costs (in ₹)?
24. 24.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
25. 25.A small business sells 45 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
26. 26.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
27. 27.A small business sells 57 friendship bands at ₹15 each. What is its revenue (in ₹)?
28. 28.A small business sells 20 jute bags at ₹50 each. What is its revenue (in ₹)?
29. 29.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
30. 30.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
31. 31.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
32. 32.A small business sells 14 painted pebbles at ₹35 each. Its costs are ₹320. What is its profit (in ₹)?
33. 33.A small business selling clay diyas had a revenue of ₹160 and a profit of ₹50. What were its costs (in ₹)?
34. 34.A small business sells 41 painted pebbles at ₹25 each. What is its revenue (in ₹)?
35. 35.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owned by shareholders
37. 37.A small business selling cups of lemonade had a revenue of ₹390 and a profit of ₹280. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
39. 39.A small business sells 10 jute bags at ₹35 each. Its costs are ₹90. What is its profit (in ₹)?
40. 40.A small business sells 50 bags of popcorn at ₹15 each. Its costs are ₹270. What is its profit (in ₹)?

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