Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 914 · 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: price × number sold? (a) revenue (b) profit
2. 2.A small business selling cupcakes had a revenue of ₹555 and a profit of ₹405. What were its costs (in ₹)?
3. 3.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
5. 5.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
6. 6.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
7. 7.A small business sells 17 bags of popcorn at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
9. 9.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
10. 10.A small business sells 19 fruit cups at ₹5 each. What is its revenue (in ₹)?
11. 11.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
12. 12.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
13. 13.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
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) one owner runs it
15. 15.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
16. 16.A small business selling handmade cards had a revenue of ₹300 and a profit of ₹250. What were its costs (in ₹)?
17. 17.A small business sells 59 cupcakes at ₹45 each. What is its revenue (in ₹)?
18. 18.A small business sells 29 jute bags at ₹45 each. Its costs are ₹380. What is its profit (in ₹)?
19. 19.🎂 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
20. 20.True or false: “run by directors” is true of a sole trader. (a) True (b) False
21. 21.A small business sells 49 handmade cards at ₹35 each. What is its revenue (in ₹)?
22. 22.A small business sells 24 glasses of chai at ₹30 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) one owner runs it (d) owner keeps all profit
24. 24.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) one owner runs it (d) simplest to start
25. 25.A small business sells 43 paper bookmarks at ₹30 each. Its costs are ₹1270. What is its profit (in ₹)?
26. 26.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
27. 27.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
28. 28.True or false: “run by directors” is true of a company. (a) False (b) True
29. 29.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
30. 30.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
31. 31.A small business sells 37 bags of popcorn at ₹20 each. Its costs are ₹150. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
33. 33.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
34. 34.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
35. 35.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
36. 36.A small business sells 51 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
37. 37.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
38. 38.A small business sells 21 cups of lemonade at ₹45 each. Its costs are ₹640. What is its profit (in ₹)?
39. 39.True or false: “owned by shareholders” is true of a company. (a) True (b) False
40. 40.A small business selling potted plants had a revenue of ₹1080 and a profit of ₹970. What were its costs (in ₹)?

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