Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 973 · 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.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
2. 2.A small business selling bags of popcorn had a revenue of ₹1215 and a profit of ₹1035. What were its costs (in ₹)?
3. 3.A small business sells 33 painted pebbles at ₹20 each. Its costs are ₹530. What is its profit (in ₹)?
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.A small business sells 48 glasses of chai at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
6. 6.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
7. 7.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
8. 8.A small business selling cups of lemonade had a revenue of ₹510 and a profit of ₹50. What were its costs (in ₹)?
9. 9.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
10. 10.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
11. 11.True or false: “run by directors” is true of a company. (a) False (b) True
12. 12.A small business sells 32 cupcakes at ₹15 each. Its costs are ₹100. What is its profit (in ₹)?
13. 13.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
14. 14.A small business sells 57 paper bookmarks at ₹35 each. Its costs are ₹1910. What is its profit (in ₹)?
15. 15.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
16. 16.A small business sells 59 friendship bands at ₹50 each. Its costs are ₹810. What is its profit (in ₹)?
17. 17.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
18. 18.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
20. 20.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
22. 22.A small business selling painted pebbles had a revenue of ₹195 and a profit of ₹65. What were its costs (in ₹)?
23. 23.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
25. 25.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owned by shareholders
27. 27.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
28. 28.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
29. 29.True or false: “a separate legal body” is true of a company. (a) False (b) True
30. 30.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) one owner runs it (d) a separate legal body
31. 31.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
32. 32.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
33. 33.True or false: “run by directors” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 21 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
35. 35.A small business sells 37 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
36. 36.A small business sells 18 bags of popcorn at ₹50 each. Its costs are ₹570. What is its profit (in ₹)?
37. 37.A small business selling friendship bands had a revenue of ₹1000 and a profit of ₹950. What were its costs (in ₹)?
38. 38.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner owes the debts
39. 39.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
40. 40.A small business selling jute bags had a revenue of ₹180 and a profit of ₹50. What were its costs (in ₹)?

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