Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 207 · 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 15 paper bookmarks at ₹35 each. Its costs are ₹480. What is its profit (in ₹)?
2. 2.A small business sells 47 jute bags at ₹45 each. What is its revenue (in ₹)?
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner keeps all profit (d) owned by shareholders
4. 4.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
5. 5.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
6. 6.A small business sells 22 fruit cups at ₹10 each. What is its revenue (in ₹)?
7. 7.True or false: “one owner runs it” is true of a company. (a) False (b) True
8. 8.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
9. 9.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
10. 10.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
11. 11.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
12. 12.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
14. 14.A small business sells 24 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
15. 15.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
16. 16.A small business selling paper bookmarks had a revenue of ₹440 and a profit of ₹60. What were its costs (in ₹)?
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.A small business sells 44 potted plants at ₹20 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
20. 20.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
21. 21.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owners’ risk is limited
22. 22.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
23. 23.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
25. 25.A small business sells 50 clay diyas at ₹20 each. What is its revenue (in ₹)?
26. 26.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) a separate legal body (d) simplest to start
27. 27.True or false: “owned by shareholders” is true of a company. (a) True (b) False
28. 28.A small business sells 19 potted plants at ₹40 each. Its costs are ₹370. What is its profit (in ₹)?
29. 29.A small business sells 21 paper bookmarks at ₹25 each. Its costs are ₹170. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
31. 31.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
32. 32.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
33. 33.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
34. 34.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.A small business selling painted pebbles had a revenue of ₹190 and a profit of ₹80. What were its costs (in ₹)?
37. 37.A small business sells 21 fruit cups at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
38. 38.True or false: “owner owes the debts” is true of a company. (a) True (b) False
39. 39.A small business sells 35 painted pebbles at ₹10 each. Its costs are ₹260. What is its profit (in ₹)?
40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False

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