Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 284 · 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.True or false: “one owner runs it” is true of a company. (a) True (b) False
2. 2.A small business sells 14 fruit cups at ₹10 each. What is its revenue (in ₹)?
3. 3.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
6. 6.A small business selling cupcakes had a revenue of ₹1470 and a profit of ₹940. What were its costs (in ₹)?
7. 7.A small business sells 47 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
9. 9.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
11. 11.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
13. 13.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
14. 14.A small business sells 34 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
15. 15.A small business selling handmade cards had a revenue of ₹280 and a profit of ₹40. What were its costs (in ₹)?
16. 16.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
17. 17.True or false: “run by directors” is true of a company. (a) True (b) False
18. 18.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) run by directors
19. 19.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner keeps all profit
21. 21.A small business sells 14 glasses of chai at ₹15 each. What is its revenue (in ₹)?
22. 22.A small business selling friendship bands had a revenue of ₹1260 and a profit of ₹810. What were its costs (in ₹)?
23. 23.A small business selling cupcakes had a revenue of ₹2360 and a profit of ₹1210. What were its costs (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) a separate legal body
25. 25.A small business selling paper bookmarks had a revenue of ₹560 and a profit of ₹40. What were its costs (in ₹)?
26. 26.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
27. 27.True or false: “owner owes the debts” is true of a company. (a) True (b) False
28. 28.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owned by shareholders
29. 29.A small business sells 21 cupcakes at ₹50 each. What is its revenue (in ₹)?
30. 30.A small business sells 42 bags of popcorn at ₹50 each. Its costs are ₹330. What is its profit (in ₹)?
31. 31.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owners’ risk is limited
32. 32.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
33. 33.A small business sells 10 jute bags at ₹30 each. What is its revenue (in ₹)?
34. 34.True or false: “simplest to start” is true of a company. (a) True (b) False
35. 35.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
36. 36.A small business sells 32 cups of lemonade at ₹40 each. Its costs are ₹280. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
38. 38.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
39. 39.A small business selling clay diyas had a revenue of ₹720 and a profit of ₹410. What were its costs (in ₹)?
40. 40.📊 Revenue or profit: all money from sales? (a) profit (b) revenue

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