Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 100 · 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: all money from sales? (a) profit (b) revenue
2. 2.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
3. 3.A small business sells 15 paper bookmarks at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
7. 7.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
8. 8.A small business sells 43 jute bags at ₹15 each. What is its revenue (in ₹)?
9. 9.A small business sells 50 handmade cards at ₹35 each. Its costs are ₹1100. What is its profit (in ₹)?
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
11. 11.True or false: “owner owes the debts” is true of a company. (a) True (b) False
12. 12.🎂 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
13. 13.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
14. 14.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
16. 16.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
17. 17.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
18. 18.True or false: “run by directors” is true of a company. (a) False (b) True
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
20. 20.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
21. 21.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) run by directors
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) a separate legal body
23. 23.A small business sells 49 glasses of chai at ₹10 each. What is its revenue (in ₹)?
24. 24.A small business sells 30 painted pebbles at ₹45 each. What is its revenue (in ₹)?
25. 25.True or false: “one owner runs it” is true of a company. (a) False (b) True
26. 26.True or false: “run by directors” is true of a sole trader. (a) True (b) False
27. 27.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
28. 28.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
29. 29.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owners’ risk is limited (d) a separate legal body
30. 30.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) owners’ risk is limited
31. 31.A small business sells 42 clay diyas at ₹40 each. What is its revenue (in ₹)?
32. 32.A small business sells 22 fruit cups at ₹25 each. What is its revenue (in ₹)?
33. 33.A small business sells 20 potted plants at ₹40 each. Its costs are ₹480. What is its profit (in ₹)?
34. 34.A small business selling handmade cards had a revenue of ₹950 and a profit of ₹590. What were its costs (in ₹)?
35. 35.A small business selling handmade cards had a revenue of ₹180 and a profit of ₹70. What were its costs (in ₹)?
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
37. 37.A small business selling handmade cards had a revenue of ₹320 and a profit of ₹110. What were its costs (in ₹)?
38. 38.A small business selling painted pebbles had a revenue of ₹1995 and a profit of ₹1195. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
40. 40.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price

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