Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 122 · 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.True or false: “owner owes the debts” is true of a company. (a) True (b) False
2. 2.A small business selling glasses of chai had a revenue of ₹1170 and a profit of ₹980. What were its costs (in ₹)?
3. 3.A small business sells 36 painted pebbles at ₹45 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) one owner runs it
5. 5.A small business sells 10 clay diyas at ₹5 each. What is its revenue (in ₹)?
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
8. 8.A small business sells 46 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
9. 9.A small business sells 19 glasses of chai at ₹5 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
11. 11.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner owes the debts (d) owner keeps all profit
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) a separate legal body (d) owned by shareholders
13. 13.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
14. 14.A small business sells 18 painted pebbles at ₹25 each. Its costs are ₹400. What is its profit (in ₹)?
15. 15.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
16. 16.A small business sells 21 glasses of chai at ₹10 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
18. 18.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
19. 19.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
20. 20.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
21. 21.A small business selling cups of lemonade had a revenue of ₹1600 and a profit of ₹580. What were its costs (in ₹)?
22. 22.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
23. 23.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
24. 24.A small business sells 35 jute bags at ₹50 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
26. 26.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
27. 27.A small business selling jute bags had a revenue of ₹720 and a profit of ₹370. What were its costs (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner keeps all profit
29. 29.A small business selling handmade cards had a revenue of ₹250 and a profit of ₹140. What were its costs (in ₹)?
30. 30.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
31. 31.A small business selling cupcakes had a revenue of ₹1085 and a profit of ₹1075. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
33. 33.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
34. 34.A small business sells 45 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
35. 35.A small business sells 14 clay diyas at ₹40 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
37. 37.A small business sells 27 handmade cards at ₹15 each. What is its revenue (in ₹)?
38. 38.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
39. 39.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
40. 40.True or false: “run by directors” is true of a company. (a) False (b) True

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