Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 172 · 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.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
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) a separate legal body
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
4. 4.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
5. 5.A small business selling clay diyas had a revenue of ₹850 and a profit of ₹500. What were its costs (in ₹)?
6. 6.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owned by shareholders (d) a separate legal body
7. 7.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
8. 8.A small business sells 18 cupcakes at ₹35 each. Its costs are ₹550. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.A small business sells 17 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
11. 11.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
12. 12.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
13. 13.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
14. 14.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
15. 15.A small business sells 18 clay diyas at ₹25 each. Its costs are ₹110. What is its profit (in ₹)?
16. 16.A small business sells 38 paper bookmarks at ₹25 each. Its costs are ₹470. What is its profit (in ₹)?
17. 17.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
18. 18.A small business selling potted plants had a revenue of ₹150 and a profit of ₹30. What were its costs (in ₹)?
19. 19.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
20. 20.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
21. 21.A small business sells 20 bags of popcorn at ₹45 each. Its costs are ₹530. What is its profit (in ₹)?
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.A small business sells 51 potted plants at ₹15 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner keeps all profit (d) one owner runs it
25. 25.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
26. 26.🎂 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
27. 27.A small business sells 58 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
29. 29.A small business sells 33 cups of lemonade at ₹30 each. Its costs are ₹120. What is its profit (in ₹)?
30. 30.A small business sells 48 fruit cups at ₹5 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
32. 32.A small business selling friendship bands had a revenue of ₹1800 and a profit of ₹1060. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
34. 34.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
35. 35.A small business sells 25 potted plants at ₹45 each. Its costs are ₹540. What is its profit (in ₹)?
36. 36.A small business selling potted plants had a revenue of ₹1250 and a profit of ₹920. What were its costs (in ₹)?
37. 37.A small business sells 42 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
38. 38.A small business sells 60 cupcakes at ₹20 each. Its costs are ₹630. What is its profit (in ₹)?
39. 39.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
40. 40.A small business sells 31 glasses of chai at ₹50 each. What is its revenue (in ₹)?

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