Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 26 · 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.A small business sells 40 painted pebbles at ₹25 each. What is its revenue (in ₹)?
2. 2.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
3. 3.A small business sells 19 glasses of chai at ₹25 each. Its costs are ₹70. What is its profit (in ₹)?
4. 4.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
5. 5.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
6. 6.A small business selling clay diyas had a revenue of ₹500 and a profit of ₹450. What were its costs (in ₹)?
7. 7.A small business selling jute bags had a revenue of ₹1320 and a profit of ₹220. What were its costs (in ₹)?
8. 8.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
11. 11.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
12. 12.A small business sells 41 potted plants at ₹35 each. What is its revenue (in ₹)?
13. 13.🎂 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
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
15. 15.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
17. 17.True or false: “one owner runs it” is true of a company. (a) False (b) True
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
20. 20.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
21. 21.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
22. 22.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
23. 23.A small business selling friendship bands had a revenue of ₹1740 and a profit of ₹560. What were its costs (in ₹)?
24. 24.A small business sells 58 glasses of chai at ₹40 each. Its costs are ₹190. What is its profit (in ₹)?
25. 25.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
26. 26.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) owned by shareholders
27. 27.A small business sells 19 painted pebbles at ₹15 each. What is its revenue (in ₹)?
28. 28.True or false: “a separate legal body” is true of a company. (a) False (b) True
29. 29.A small business sells 11 cupcakes at ₹35 each. What is its revenue (in ₹)?
30. 30.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
31. 31.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
32. 32.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
33. 33.A small business sells 37 glasses of chai at ₹30 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
35. 35.A small business sells 57 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
36. 36.A small business sells 51 paper bookmarks at ₹10 each. Its costs are ₹220. What is its profit (in ₹)?
37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 59 bags of popcorn at ₹5 each. Its costs are ₹170. What is its profit (in ₹)?
39. 39.A small business selling handmade cards had a revenue of ₹110 and a profit of ₹50. What were its costs (in ₹)?
40. 40.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate

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