Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 213 · 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: owner keeps all profit? (a) a company (b) a sole trader
2. 2.A small business selling friendship bands had a revenue of ₹250 and a profit of ₹180. What were its costs (in ₹)?
3. 3.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
4. 4.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
5. 5.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
7. 7.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
9. 9.A small business sells 22 friendship bands at ₹5 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner owes the debts (d) simplest to start
11. 11.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
12. 12.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owned by shareholders
13. 13.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
14. 14.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
15. 15.A small business sells 17 fruit cups at ₹35 each. Its costs are ₹220. What is its profit (in ₹)?
16. 16.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
17. 17.A small business sells 42 clay diyas at ₹50 each. Its costs are ₹970. What is its profit (in ₹)?
18. 18.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 36 glasses of chai at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
20. 20.True or false: “simplest to start” is true of a company. (a) False (b) True
21. 21.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
22. 22.A small business selling potted plants had a revenue of ₹300 and a profit of ₹20. What were its costs (in ₹)?
23. 23.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) run by directors
24. 24.A small business sells 33 cupcakes at ₹35 each. What is its revenue (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) run by directors (d) owners’ risk is limited
26. 26.A small business sells 31 handmade cards at ₹15 each. Its costs are ₹330. What is its profit (in ₹)?
27. 27.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
28. 28.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
29. 29.A small business sells 36 clay diyas at ₹50 each. What is its revenue (in ₹)?
30. 30.A small business selling handmade cards had a revenue of ₹1380 and a profit of ₹120. What were its costs (in ₹)?
31. 31.A small business selling jute bags had a revenue of ₹1320 and a profit of ₹200. What were its costs (in ₹)?
32. 32.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
33. 33.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
34. 34.A small business sells 36 handmade cards at ₹20 each. Its costs are ₹310. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
36. 36.True or false: “a separate legal body” is true of a company. (a) False (b) True
37. 37.A small business sells 45 potted plants at ₹35 each. Its costs are ₹390. What is its profit (in ₹)?
38. 38.A small business sells 46 cupcakes at ₹10 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
40. 40.A small business sells 18 glasses of chai at ₹35 each. What is its revenue (in ₹)?

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