Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 987 · 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.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
2. 2.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
3. 3.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
4. 4.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
5. 5.A small business sells 51 potted plants at ₹20 each. Its costs are ₹820. What is its profit (in ₹)?
6. 6.A small business sells 18 paper bookmarks at ₹20 each. Its costs are ₹20. What is its profit (in ₹)?
7. 7.A small business sells 54 fruit cups at ₹10 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) owner keeps all profit
9. 9.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) simplest to start
10. 10.A small business selling glasses of chai had a revenue of ₹2385 and a profit of ₹2035. What were its costs (in ₹)?
11. 11.A small business sells 47 potted plants at ₹10 each. What is its revenue (in ₹)?
12. 12.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.A small business sells 55 friendship bands at ₹20 each. Its costs are ₹980. What is its profit (in ₹)?
15. 15.A small business selling painted pebbles had a revenue of ₹350 and a profit of ₹110. What were its costs (in ₹)?
16. 16.A small business sells 19 potted plants at ₹15 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
18. 18.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
20. 20.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
21. 21.True or false: “a separate legal body” is true of a company. (a) False (b) True
22. 22.A small business sells 32 handmade cards at ₹5 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
25. 25.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) one owner runs it
26. 26.A small business selling potted plants had a revenue of ₹840 and a profit of ₹120. What were its costs (in ₹)?
27. 27.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
28. 28.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
29. 29.A small business selling clay diyas had a revenue of ₹180 and a profit of ₹170. What were its costs (in ₹)?
30. 30.A small business sells 21 glasses of chai at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
31. 31.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
33. 33.A small business sells 35 fruit cups at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
34. 34.A small business sells 22 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
35. 35.A small business sells 48 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
36. 36.True or false: “one owner runs it” is true of a company. (a) True (b) False
37. 37.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
38. 38.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
39. 39.A small business selling potted plants had a revenue of ₹1800 and a profit of ₹390. What were its costs (in ₹)?
40. 40.A small business sells 54 cups of lemonade at ₹15 each. Its costs are ₹660. What is its profit (in ₹)?

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