Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 120 · 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 42 fruit cups at ₹40 each. Its costs are ₹400. What is its profit (in ₹)?
2. 2.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
3. 3.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
4. 4.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
5. 5.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
6. 6.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
7. 7.True or false: “a separate legal body” is true of a company. (a) True (b) False
8. 8.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) simplest to start
12. 12.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
13. 13.A small business sells 54 painted pebbles at ₹20 each. What is its revenue (in ₹)?
14. 14.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
15. 15.A small business selling fruit cups had a revenue of ₹280 and a profit of ₹250. What were its costs (in ₹)?
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
17. 17.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
18. 18.A small business sells 52 painted pebbles at ₹15 each. Its costs are ₹10. What is its profit (in ₹)?
19. 19.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
20. 20.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) owners’ risk is limited (d) run by directors
21. 21.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
22. 22.A small business sells 58 jute bags at ₹20 each. Its costs are ₹470. What is its profit (in ₹)?
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) run by directors
24. 24.A small business selling painted pebbles had a revenue of ₹1840 and a profit of ₹240. What were its costs (in ₹)?
25. 25.True or false: “simplest to start” is true of a company. (a) True (b) False
26. 26.A small business sells 15 bags of popcorn at ₹25 each. Its costs are ₹260. What is its profit (in ₹)?
27. 27.A small business sells 39 jute bags at ₹45 each. Its costs are ₹830. What is its profit (in ₹)?
28. 28.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owned by shareholders
29. 29.True or false: “owned by shareholders” is true of a company. (a) False (b) True
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) owner owes the debts
31. 31.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
32. 32.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
33. 33.A small business sells 42 handmade cards at ₹35 each. Its costs are ₹520. What is its profit (in ₹)?
34. 34.A small business sells 48 jute bags at ₹50 each. Its costs are ₹670. What is its profit (in ₹)?
35. 35.A small business sells 59 cups of lemonade at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
36. 36.A small business selling jute bags had a revenue of ₹200 and a profit of ₹70. What were its costs (in ₹)?
37. 37.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
38. 38.A small business sells 20 cupcakes at ₹30 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
40. 40.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company

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