Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 994 · 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.A small business sells 15 friendship bands at ₹15 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owned by shareholders (d) owners’ risk is limited
3. 3.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
4. 4.True or false: “run by directors” is true of a sole trader. (a) True (b) False
5. 5.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
9. 9.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
12. 12.A small business sells 33 fruit cups at ₹50 each. Its costs are ₹900. What is its profit (in ₹)?
13. 13.True or false: “simplest to start” is true of a company. (a) True (b) False
14. 14.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
15. 15.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.A small business sells 29 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
18. 18.True or false: “owner owes the debts” is true of a company. (a) True (b) False
19. 19.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
20. 20.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
21. 21.A small business selling cups of lemonade had a revenue of ₹1360 and a profit of ₹450. What were its costs (in ₹)?
22. 22.A small business sells 59 fruit cups at ₹30 each. What is its revenue (in ₹)?
23. 23.📜 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
24. 24.A small business selling cups of lemonade had a revenue of ₹420 and a profit of ₹80. What were its costs (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
26. 26.A small business sells 44 clay diyas at ₹25 each. What is its revenue (in ₹)?
27. 27.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
28. 28.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
29. 29.A small business sells 54 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
30. 30.A small business sells 25 glasses of chai at ₹25 each. Its costs are ₹60. What is its profit (in ₹)?
31. 31.True or false: “one owner runs it” is true of a company. (a) False (b) True
32. 32.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
33. 33.A small business selling cupcakes had a revenue of ₹1180 and a profit of ₹790. What were its costs (in ₹)?
34. 34.A small business selling paper bookmarks had a revenue of ₹255 and a profit of ₹55. What were its costs (in ₹)?
35. 35.True or false: “owned by shareholders” is true of a company. (a) True (b) False
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner keeps all profit (d) run by directors
37. 37.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
38. 38.A small business selling potted plants had a revenue of ₹1150 and a profit of ₹150. What were its costs (in ₹)?
39. 39.A small business sells 41 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
40. 40.A small business selling cupcakes had a revenue of ₹800 and a profit of ₹310. What were its costs (in ₹)?

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