Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 283 · 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) profit (b) revenue
2. 2.A small business sells 20 glasses of chai at ₹35 each. What is its revenue (in ₹)?
3. 3.A small business sells 20 jute bags at ₹15 each. Its costs are ₹200. What is its profit (in ₹)?
4. 4.A small business sells 11 cupcakes at ₹5 each. What is its revenue (in ₹)?
5. 5.A small business sells 55 friendship bands at ₹30 each. Its costs are ₹200. What is its profit (in ₹)?
6. 6.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
9. 9.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
10. 10.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
11. 11.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
12. 12.A small business sells 51 handmade cards at ₹45 each. What is its revenue (in ₹)?
13. 13.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
14. 14.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
15. 15.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
16. 16.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
17. 17.A small business selling friendship bands had a revenue of ₹900 and a profit of ₹650. What were its costs (in ₹)?
18. 18.A small business sells 20 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
20. 20.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) simplest to start
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
24. 24.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
25. 25.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) one owner runs it (d) simplest to start
26. 26.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
27. 27.True or false: “simplest to start” is true of a company. (a) False (b) True
28. 28.True or false: “one owner runs it” is true of a company. (a) True (b) False
29. 29.A small business sells 49 potted plants at ₹20 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.A small business selling glasses of chai had a revenue of ₹680 and a profit of ₹550. What were its costs (in ₹)?
32. 32.True or false: “a separate legal body” is true of a company. (a) True (b) False
33. 33.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
34. 34.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) run by directors
35. 35.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
36. 36.A small business sells 41 jute bags at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
37. 37.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 23 painted pebbles at ₹35 each. What is its revenue (in ₹)?
39. 39.A small business sells 22 friendship bands at ₹20 each. Its costs are ₹430. What is its profit (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a company. (a) True (b) False

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