Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 855 · 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) owner owes the debts (d) owners’ risk is limited
2. 2.A small business sells 40 cupcakes at ₹35 each. What is its revenue (in ₹)?
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.True or false: “one owner runs it” is true of a company. (a) True (b) False
9. 9.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
11. 11.A small business selling cups of lemonade had a revenue of ₹2115 and a profit of ₹515. What were its costs (in ₹)?
12. 12.A small business selling jute bags had a revenue of ₹120 and a profit of ₹50. What were its costs (in ₹)?
13. 13.A small business sells 59 jute bags at ₹50 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
16. 16.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
17. 17.A small business selling jute bags had a revenue of ₹1715 and a profit of ₹1355. What were its costs (in ₹)?
18. 18.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 50 jute bags at ₹50 each. Its costs are ₹820. What is its profit (in ₹)?
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
21. 21.A small business selling clay diyas had a revenue of ₹300 and a profit of ₹30. What were its costs (in ₹)?
22. 22.A small business selling potted plants had a revenue of ₹1890 and a profit of ₹1690. What were its costs (in ₹)?
23. 23.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
24. 24.A small business selling paper bookmarks had a revenue of ₹795 and a profit of ₹165. What were its costs (in ₹)?
25. 25.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
26. 26.A small business sells 15 handmade cards at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
27. 27.True or false: “run by directors” is true of a sole trader. (a) False (b) True
28. 28.A small business sells 44 clay diyas at ₹15 each. What is its revenue (in ₹)?
29. 29.A small business sells 55 cups of lemonade at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
30. 30.A small business selling handmade cards had a revenue of ₹210 and a profit of ₹150. What were its costs (in ₹)?
31. 31.A small business sells 37 fruit cups at ₹15 each. What is its revenue (in ₹)?
32. 32.A small business sells 46 cupcakes at ₹10 each. What is its revenue (in ₹)?
33. 33.A small business sells 55 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
34. 34.A small business sells 17 jute bags at ₹50 each. What is its revenue (in ₹)?
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) simplest to start (d) owner owes the debts
37. 37.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
38. 38.A small business sells 10 glasses of chai at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
39. 39.A small business sells 18 fruit cups at ₹10 each. What is its revenue (in ₹)?
40. 40.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) owner keeps all profit (d) one owner runs it

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