Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 237 · 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 sole trader (b) a company
2. 2.A small business sells 31 painted pebbles at ₹35 each. Its costs are ₹40. What is its profit (in ₹)?
3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
4. 4.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
5. 5.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
6. 6.True or false: “one owner runs it” is true of a company. (a) True (b) False
7. 7.A small business sells 47 fruit cups at ₹40 each. What is its revenue (in ₹)?
8. 8.A small business sells 17 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
12. 12.A small business sells 25 potted plants at ₹20 each. What is its revenue (in ₹)?
13. 13.A small business sells 32 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
14. 14.A small business selling cups of lemonade had a revenue of ₹660 and a profit of ₹120. What were its costs (in ₹)?
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
16. 16.A small business sells 53 glasses of chai at ₹35 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
18. 18.A small business selling jute bags had a revenue of ₹1080 and a profit of ₹150. What were its costs (in ₹)?
19. 19.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
20. 20.True or false: “owner owes the debts” is true of a company. (a) False (b) True
21. 21.A small business sells 13 painted pebbles at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
22. 22.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
23. 23.A small business selling fruit cups had a revenue of ₹1500 and a profit of ₹240. 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 selling clay diyas had a revenue of ₹190 and a profit of ₹120. What were its costs (in ₹)?
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) run by directors
27. 27.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
28. 28.A small business sells 41 paper bookmarks at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
29. 29.A small business selling clay diyas had a revenue of ₹495 and a profit of ₹15. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
31. 31.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
32. 32.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
33. 33.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
34. 34.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) run by directors
35. 35.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
36. 36.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
37. 37.A small business selling friendship bands had a revenue of ₹230 and a profit of ₹200. What were its costs (in ₹)?
38. 38.A small business sells 44 handmade cards at ₹30 each. What is its revenue (in ₹)?
39. 39.A small business sells 10 paper bookmarks at ₹25 each. Its costs are ₹30. What is its profit (in ₹)?
40. 40.📊 Revenue or profit: price × number sold? (a) revenue (b) profit

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