Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 295 · 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: “owner keeps all profit” is true of a sole trader. (a) True (b) False
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
3. 3.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
4. 4.A small business sells 23 clay diyas at ₹50 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owners’ risk is limited (d) a separate legal body
6. 6.A small business selling glasses of chai had a revenue of ₹260 and a profit of ₹40. What were its costs (in ₹)?
7. 7.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
8. 8.A small business selling clay diyas had a revenue of ₹760 and a profit of ₹250. What were its costs (in ₹)?
9. 9.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
10. 10.A small business selling handmade cards had a revenue of ₹1100 and a profit of ₹160. What were its costs (in ₹)?
11. 11.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
12. 12.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
13. 13.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner owes the debts (d) owner keeps all profit
14. 14.True or false: “a separate legal body” is true of a company. (a) False (b) True
15. 15.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
16. 16.A small business selling cups of lemonade had a revenue of ₹360 and a profit of ₹340. What were its costs (in ₹)?
17. 17.A small business sells 16 fruit cups at ₹40 each. Its costs are ₹220. What is its profit (in ₹)?
18. 18.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
19. 19.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) a separate legal body (d) run by directors
21. 21.A small business sells 20 glasses of chai at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
23. 23.A small business sells 34 painted pebbles at ₹15 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
25. 25.📜 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
26. 26.A small business sells 40 friendship bands at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
27. 27.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) owners’ risk is limited
28. 28.A small business sells 17 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
29. 29.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
30. 30.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner keeps all profit (d) owned by shareholders
31. 31.A small business selling paper bookmarks had a revenue of ₹90 and a profit of ₹60. What were its costs (in ₹)?
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
33. 33.A small business sells 44 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
35. 35.A small business sells 32 handmade cards at ₹45 each. Its costs are ₹1090. What is its profit (in ₹)?
36. 36.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) a separate legal body
37. 37.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
38. 38.A small business sells 10 cups of lemonade at ₹30 each. Its costs are ₹160. What is its profit (in ₹)?
39. 39.A small business selling bags of popcorn had a revenue of ₹460 and a profit of ₹450. What were its costs (in ₹)?
40. 40.📊 Revenue or profit: price × number sold? (a) profit (b) revenue

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