Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 270 · 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: price × number sold? (a) profit (b) revenue
2. 2.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) simplest to start
4. 4.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
5. 5.A small business sells 35 bags of popcorn at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
6. 6.A small business sells 38 glasses of chai at ₹45 each. Its costs are ₹400. What is its profit (in ₹)?
7. 7.A small business selling potted plants had a revenue of ₹850 and a profit of ₹240. What were its costs (in ₹)?
8. 8.A small business sells 33 handmade cards at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
9. 9.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
10. 10.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
11. 11.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
13. 13.A small business sells 41 cupcakes at ₹40 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner owes the debts (d) owner keeps all profit
16. 16.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
17. 17.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
18. 18.A small business sells 40 friendship bands at ₹20 each. What is its revenue (in ₹)?
19. 19.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
20. 20.A small business sells 54 painted pebbles at ₹40 each. Its costs are ₹620. What is its profit (in ₹)?
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) simplest to start (d) owner owes the debts
22. 22.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
23. 23.A small business sells 54 potted plants at ₹20 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
25. 25.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
26. 26.A small business sells 48 cupcakes at ₹20 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
28. 28.A small business sells 48 friendship bands at ₹35 each. What is its revenue (in ₹)?
29. 29.A small business sells 50 glasses of chai at ₹50 each. What is its revenue (in ₹)?
30. 30.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner keeps all profit
31. 31.A small business selling jute bags had a revenue of ₹1620 and a profit of ₹1300. What were its costs (in ₹)?
32. 32.A small business selling glasses of chai had a revenue of ₹525 and a profit of ₹375. What were its costs (in ₹)?
33. 33.A small business sells 14 clay diyas at ₹50 each. Its costs are ₹290. What is its profit (in ₹)?
34. 34.A small business sells 13 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
35. 35.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
36. 36.True or false: “run by directors” is true of a company. (a) True (b) False
37. 37.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
38. 38.A small business sells 16 bags of popcorn at ₹30 each. Its costs are ₹350. What is its profit (in ₹)?
39. 39.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) simplest to start (d) owner keeps all profit
40. 40.A small business sells 41 clay diyas at ₹15 each. What is its revenue (in ₹)?

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