Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 281 · 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.A small business sells 28 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
3. 3.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
4. 4.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
5. 5.A small business selling cups of lemonade had a revenue of ₹1590 and a profit of ₹340. What were its costs (in ₹)?
6. 6.A small business selling clay diyas had a revenue of ₹385 and a profit of ₹255. What were its costs (in ₹)?
7. 7.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
8. 8.📜 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
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) a separate legal body
10. 10.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
13. 13.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owner keeps all profit (d) owned by shareholders
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
16. 16.🎂 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
17. 17.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it
18. 18.A small business sells 36 potted plants at ₹30 each. What is its revenue (in ₹)?
19. 19.A small business sells 45 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
20. 20.A small business sells 21 friendship bands at ₹15 each. What is its revenue (in ₹)?
21. 21.A small business selling paper bookmarks had a revenue of ₹950 and a profit of ₹10. What were its costs (in ₹)?
22. 22.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
23. 23.True or false: “one owner runs it” is true of a company. (a) True (b) False
24. 24.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
25. 25.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
26. 26.A small business sells 48 paper bookmarks at ₹10 each. Its costs are ₹180. What is its profit (in ₹)?
27. 27.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
28. 28.A small business selling glasses of chai had a revenue of ₹210 and a profit of ₹170. What were its costs (in ₹)?
29. 29.True or false: “simplest to start” is true of a company. (a) False (b) True
30. 30.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
31. 31.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
33. 33.A small business sells 24 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
35. 35.A small business sells 13 handmade cards at ₹40 each. What is its revenue (in ₹)?
36. 36.A small business selling fruit cups had a revenue of ₹275 and a profit of ₹225. What were its costs (in ₹)?
37. 37.A small business sells 45 clay diyas at ₹30 each. Its costs are ₹700. What is its profit (in ₹)?
38. 38.A small business sells 34 fruit cups at ₹30 each. Its costs are ₹750. What is its profit (in ₹)?
39. 39.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
40. 40.A small business sells 31 friendship bands at ₹40 each. Its costs are ₹140. What is its profit (in ₹)?

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