Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 135 · 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.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
2. 2.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
3. 3.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner keeps all profit (d) a separate legal body
4. 4.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
5. 5.A small business sells 16 potted plants at ₹20 each. Its costs are ₹80. What is its profit (in ₹)?
6. 6.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
7. 7.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
8. 8.A small business selling painted pebbles had a revenue of ₹805 and a profit of ₹85. What were its costs (in ₹)?
9. 9.A small business sells 26 clay diyas at ₹40 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) run by directors
11. 11.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
12. 12.A small business sells 50 glasses of chai at ₹20 each. What is its revenue (in ₹)?
13. 13.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
16. 16.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) run by directors (d) owned by shareholders
17. 17.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
18. 18.True or false: “simplest to start” is true of a company. (a) False (b) True
19. 19.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
20. 20.A small business sells 45 paper bookmarks at ₹15 each. Its costs are ₹370. What is its profit (in ₹)?
21. 21.A small business sells 49 jute bags at ₹30 each. Its costs are ₹740. What is its profit (in ₹)?
22. 22.True or false: “owner owes the debts” is true of a company. (a) True (b) False
23. 23.A small business sells 29 cups of lemonade at ₹5 each. Its costs are ₹130. What is its profit (in ₹)?
24. 24.A small business selling cups of lemonade had a revenue of ₹540 and a profit of ₹60. What were its costs (in ₹)?
25. 25.A small business selling glasses of chai had a revenue of ₹1720 and a profit of ₹1230. What were its costs (in ₹)?
26. 26.A small business sells 39 glasses of chai at ₹5 each. What is its revenue (in ₹)?
27. 27.A small business sells 51 jute bags at ₹45 each. Its costs are ₹90. What is its profit (in ₹)?
28. 28.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) one owner runs it
29. 29.A small business sells 24 paper bookmarks at ₹30 each. Its costs are ₹120. What is its profit (in ₹)?
30. 30.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner owes the debts (d) owner keeps all profit
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
32. 32.A small business selling bags of popcorn had a revenue of ₹260 and a profit of ₹70. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
34. 34.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
35. 35.True or false: “a separate legal body” is true of a company. (a) False (b) True
36. 36.A small business sells 56 clay diyas at ₹30 each. What is its revenue (in ₹)?
37. 37.A small business sells 21 friendship bands at ₹10 each. Its costs are ₹160. What is its profit (in ₹)?
38. 38.A small business sells 13 jute bags at ₹30 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
40. 40.📊 Revenue or profit: all money from sales? (a) revenue (b) profit

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