Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 265 · 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 27 paper bookmarks at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
2. 2.True or false: “owned by shareholders” is true of a company. (a) False (b) True
3. 3.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
5. 5.A small business sells 40 jute bags at ₹20 each. Its costs are ₹430. What is its profit (in ₹)?
6. 6.A small business sells 22 cupcakes at ₹35 each. Its costs are ₹590. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
8. 8.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) owner owes the debts
9. 9.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
10. 10.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) a separate legal body
11. 11.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
12. 12.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
13. 13.A small business sells 23 cupcakes at ₹5 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
15. 15.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
16. 16.A small business selling handmade cards had a revenue of ₹2120 and a profit of ₹850. What were its costs (in ₹)?
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) simplest to start
18. 18.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
19. 19.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
20. 20.A small business sells 54 bags of popcorn at ₹25 each. Its costs are ₹810. What is its profit (in ₹)?
21. 21.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
22. 22.📜 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
23. 23.A small business selling painted pebbles had a revenue of ₹130 and a profit of ₹90. What were its costs (in ₹)?
24. 24.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owned by shareholders
25. 25.A small business sells 23 jute bags at ₹45 each. What is its revenue (in ₹)?
26. 26.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) owner keeps all profit
27. 27.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) one owner runs it (d) owner keeps all profit
28. 28.A small business sells 43 glasses of chai at ₹15 each. What is its revenue (in ₹)?
29. 29.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
30. 30.A small business sells 22 handmade cards at ₹10 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
32. 32.A small business sells 12 friendship bands at ₹45 each. What is its revenue (in ₹)?
33. 33.A small business sells 45 bags of popcorn at ₹40 each. Its costs are ₹720. What is its profit (in ₹)?
34. 34.A small business selling cups of lemonade had a revenue of ₹2655 and a profit of ₹1575. What were its costs (in ₹)?
35. 35.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
37. 37.True or false: “owner owes the debts” is true of a company. (a) True (b) False
38. 38.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
39. 39.A small business selling handmade cards had a revenue of ₹1300 and a profit of ₹270. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company

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