Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 894 · 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.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
2. 2.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
3. 3.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) a separate legal body
7. 7.A small business sells 32 cupcakes at ₹25 each. Its costs are ₹170. What is its profit (in ₹)?
8. 8.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
9. 9.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
10. 10.A small business selling fruit cups had a revenue of ₹1500 and a profit of ₹910. What were its costs (in ₹)?
11. 11.A small business selling fruit cups had a revenue of ₹2610 and a profit of ₹1180. What were its costs (in ₹)?
12. 12.A small business sells 17 clay diyas at ₹20 each. Its costs are ₹50. What is its profit (in ₹)?
13. 13.True or false: “owned by shareholders” is true of a company. (a) False (b) True
14. 14.A small business sells 53 friendship bands at ₹5 each. What is its revenue (in ₹)?
15. 15.A small business sells 46 clay diyas at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
17. 17.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
18. 18.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) owners’ risk is limited
19. 19.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
20. 20.A small business sells 60 handmade cards at ₹5 each. Its costs are ₹150. What is its profit (in ₹)?
21. 21.A small business selling cupcakes had a revenue of ₹1120 and a profit of ₹100. What were its costs (in ₹)?
22. 22.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
23. 23.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
24. 24.A small business sells 44 painted pebbles at ₹5 each. What is its revenue (in ₹)?
25. 25.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
26. 26.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
27. 27.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
28. 28.🎂 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
29. 29.A small business sells 29 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
30. 30.📜 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
31. 31.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
32. 32.A small business sells 51 painted pebbles at ₹10 each. What is its revenue (in ₹)?
33. 33.A small business sells 34 glasses of chai at ₹40 each. Its costs are ₹50. What is its profit (in ₹)?
34. 34.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
35. 35.A small business selling painted pebbles had a revenue of ₹2500 and a profit of ₹2260. What were its costs (in ₹)?
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
37. 37.True or false: “a separate legal body” is true of a company. (a) False (b) True
38. 38.True or false: “one owner runs it” is true of a company. (a) False (b) True
39. 39.A small business selling cups of lemonade had a revenue of ₹500 and a profit of ₹140. What were its costs (in ₹)?
40. 40.A small business sells 24 jute bags at ₹40 each. What is its revenue (in ₹)?

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