Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 252 · 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 or profit: revenue minus costs? (a) revenue (b) profit
2. 2.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
3. 3.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
4. 4.A small business sells 59 handmade cards at ₹25 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
6. 6.True or false: “one owner runs it” is true of a company. (a) False (b) True
7. 7.A small business sells 13 friendship bands at ₹35 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
10. 10.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
12. 12.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
13. 13.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
14. 14.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
15. 15.A small business sells 13 clay diyas at ₹45 each. Its costs are ₹310. What is its profit (in ₹)?
16. 16.A small business selling glasses of chai had a revenue of ₹580 and a profit of ₹400. What were its costs (in ₹)?
17. 17.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
18. 18.A small business sells 21 friendship bands at ₹35 each. Its costs are ₹300. What is its profit (in ₹)?
19. 19.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
20. 20.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
21. 21.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
22. 22.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
23. 23.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner owes the debts (d) one owner runs it
24. 24.A small business sells 30 friendship bands at ₹10 each. What is its revenue (in ₹)?
25. 25.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
26. 26.A small business sells 56 painted pebbles at ₹15 each. Its costs are ₹430. What is its profit (in ₹)?
27. 27.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
28. 28.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
29. 29.A small business sells 58 cupcakes at ₹35 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
31. 31.A small business sells 34 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
32. 32.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
33. 33.A small business sells 50 jute bags at ₹25 each. What is its revenue (in ₹)?
34. 34.A small business selling painted pebbles had a revenue of ₹140 and a profit of ₹20. What were its costs (in ₹)?
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
36. 36.A small business selling handmade cards had a revenue of ₹160 and a profit of ₹130. What were its costs (in ₹)?
37. 37.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
38. 38.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
39. 39.A small business selling jute bags had a revenue of ₹1350 and a profit of ₹960. What were its costs (in ₹)?
40. 40.A small business sells 42 jute bags at ₹35 each. Its costs are ₹580. What is its profit (in ₹)?

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