Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 21 · 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.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) run by directors
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owned by shareholders
3. 3.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
4. 4.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
5. 5.True or false: “a separate legal body” is true of a company. (a) True (b) False
6. 6.A small business sells 13 glasses of chai at ₹30 each. Its costs are ₹210. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
8. 8.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
9. 9.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
10. 10.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
12. 12.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) run by directors
13. 13.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
14. 14.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) one owner runs it (d) simplest to start
15. 15.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner keeps all profit
18. 18.A small business selling fruit cups had a revenue of ₹980 and a profit of ₹130. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
20. 20.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
21. 21.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
22. 22.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
23. 23.A small business selling handmade cards had a revenue of ₹3000 and a profit of ₹1960. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
25. 25.A small business sells 27 clay diyas at ₹25 each. Its costs are ₹460. What is its profit (in ₹)?
26. 26.A small business sells 19 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
27. 27.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
28. 28.A small business sells 31 jute bags at ₹10 each. Its costs are ₹180. What is its profit (in ₹)?
29. 29.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
30. 30.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
31. 31.True or false: “run by directors” is true of a company. (a) True (b) False
32. 32.A small business sells 49 cups of lemonade at ₹15 each. Its costs are ₹70. What is its profit (in ₹)?
33. 33.A small business sells 34 cupcakes at ₹10 each. What is its revenue (in ₹)?
34. 34.A small business sells 13 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
35. 35.A small business sells 13 potted plants at ₹15 each. Its costs are ₹140. What is its profit (in ₹)?
36. 36.A small business sells 22 glasses of chai at ₹20 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owned by shareholders
38. 38.A small business sells 33 handmade cards at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
39. 39.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
40. 40.True or false: “one owner runs it” is true of a company. (a) True (b) False

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