Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 24 · 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.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
2. 2.🎂 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
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
4. 4.A small business selling cupcakes had a revenue of ₹820 and a profit of ₹340. What were its costs (in ₹)?
5. 5.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) owner owes the debts
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
7. 7.A small business selling fruit cups had a revenue of ₹1485 and a profit of ₹1095. What were its costs (in ₹)?
8. 8.A small business sells 38 clay diyas at ₹15 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) owners’ risk is limited (d) run by directors
10. 10.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
11. 11.A small business selling clay diyas had a revenue of ₹1855 and a profit of ₹1765. What were its costs (in ₹)?
12. 12.A small business sells 19 potted plants at ₹25 each. What is its revenue (in ₹)?
13. 13.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.A small business selling jute bags had a revenue of ₹1850 and a profit of ₹1740. What were its costs (in ₹)?
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
19. 19.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
20. 20.True or false: “owner owes the debts” is true of a company. (a) True (b) False
21. 21.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
22. 22.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
23. 23.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
24. 24.A small business sells 43 glasses of chai at ₹10 each. Its costs are ₹230. What is its profit (in ₹)?
25. 25.A small business sells 48 handmade cards at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
26. 26.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner keeps all profit (d) one owner runs it
27. 27.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
28. 28.True or false: “one owner runs it” is true of a company. (a) False (b) True
29. 29.A small business sells 20 cups of lemonade at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
30. 30.A small business sells 37 paper bookmarks at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
31. 31.A small business selling jute bags had a revenue of ₹420 and a profit of ₹320. What were its costs (in ₹)?
32. 32.True or false: “a separate legal body” is true of a company. (a) False (b) True
33. 33.A small business sells 27 glasses of chai at ₹40 each. What is its revenue (in ₹)?
34. 34.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
35. 35.A small business sells 36 glasses of chai at ₹15 each. Its costs are ₹220. What is its profit (in ₹)?
36. 36.A small business selling bags of popcorn had a revenue of ₹465 and a profit of ₹105. What were its costs (in ₹)?
37. 37.A small business sells 47 cupcakes at ₹15 each. What is its revenue (in ₹)?
38. 38.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
39. 39.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
40. 40.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company

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