Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 183 · 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 10 glasses of chai at ₹10 each. What is its revenue (in ₹)?
2. 2.🎂 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
3. 3.A small business sells 18 glasses of chai at ₹5 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
5. 5.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
6. 6.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
7. 7.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) run by directors
8. 8.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
9. 9.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
10. 10.📜 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
11. 11.A small business sells 12 cupcakes at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
12. 12.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
13. 13.A small business sells 36 glasses of chai at ₹50 each. Its costs are ₹1300. What is its profit (in ₹)?
14. 14.A small business selling paper bookmarks had a revenue of ₹1100 and a profit of ₹690. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
16. 16.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
17. 17.A small business selling jute bags had a revenue of ₹2350 and a profit of ₹50. What were its costs (in ₹)?
18. 18.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it
19. 19.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
20. 20.True or false: “owned by shareholders” is true of a company. (a) True (b) False
21. 21.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) a separate legal body
22. 22.A small business selling bags of popcorn had a revenue of ₹70 and a profit of ₹40. What were its costs (in ₹)?
23. 23.A small business sells 34 handmade cards at ₹35 each. What is its revenue (in ₹)?
24. 24.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
25. 25.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
26. 26.True or false: “simplest to start” is true of a company. (a) False (b) True
27. 27.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
28. 28.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
29. 29.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
30. 30.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
31. 31.A small business selling clay diyas had a revenue of ₹360 and a profit of ₹350. What were its costs (in ₹)?
32. 32.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
33. 33.True or false: “owner owes the debts” is true of a company. (a) False (b) True
34. 34.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
35. 35.A small business sells 58 jute bags at ₹30 each. Its costs are ₹220. What is its profit (in ₹)?
36. 36.A small business sells 43 bags of popcorn at ₹45 each. Its costs are ₹460. What is its profit (in ₹)?
37. 37.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
38. 38.A small business sells 23 jute bags at ₹15 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
40. 40.A small business sells 11 clay diyas at ₹30 each. Its costs are ₹150. What is its profit (in ₹)?

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