Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 945 · 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.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
3. 3.A small business sells 53 glasses of chai at ₹5 each. Its costs are ₹250. What is its profit (in ₹)?
4. 4.A small business selling handmade cards had a revenue of ₹2550 and a profit of ₹1910. What were its costs (in ₹)?
5. 5.A small business sells 21 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
6. 6.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
7. 7.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
8. 8.A small business selling cups of lemonade had a revenue of ₹500 and a profit of ₹190. What were its costs (in ₹)?
9. 9.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
10. 10.A small business sells 48 cupcakes at ₹20 each. Its costs are ₹350. What is its profit (in ₹)?
11. 11.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
12. 12.A small business selling cupcakes had a revenue of ₹255 and a profit of ₹215. What were its costs (in ₹)?
13. 13.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
14. 14.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
15. 15.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
16. 16.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
17. 17.True or false: “a separate legal body” is true of a company. (a) True (b) False
18. 18.True or false: “owned by shareholders” is true of a company. (a) True (b) False
19. 19.A small business sells 19 handmade cards at ₹40 each. Its costs are ₹270. What is its profit (in ₹)?
20. 20.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
22. 22.A small business sells 33 paper bookmarks at ₹50 each. Its costs are ₹750. What is its profit (in ₹)?
23. 23.True or false: “run by directors” is true of a sole trader. (a) False (b) True
24. 24.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) simplest to start (d) one owner runs it
25. 25.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
26. 26.A small business sells 50 clay diyas at ₹5 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
28. 28.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
30. 30.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
31. 31.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owners’ risk is limited
32. 32.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
33. 33.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
34. 34.A small business sells 22 painted pebbles at ₹10 each. What is its revenue (in ₹)?
35. 35.A small business sells 33 painted pebbles at ₹15 each. Its costs are ₹330. What is its profit (in ₹)?
36. 36.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
37. 37.A small business selling fruit cups had a revenue of ₹740 and a profit of ₹610. What were its costs (in ₹)?
38. 38.A small business selling bags of popcorn had a revenue of ₹760 and a profit of ₹370. What were its costs (in ₹)?
39. 39.True or false: “run by directors” is true of a company. (a) False (b) True
40. 40.A small business sells 53 cups of lemonade at ₹10 each. What is its revenue (in ₹)?

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