Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 298 · 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.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
2. 2.A small business selling jute bags had a revenue of ₹1500 and a profit of ₹30. What were its costs (in ₹)?
3. 3.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
4. 4.A small business selling fruit cups had a revenue of ₹1540 and a profit of ₹760. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) one owner runs it
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) a separate legal body
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
8. 8.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
9. 9.A small business sells 33 paper bookmarks at ₹35 each. Its costs are ₹550. What is its profit (in ₹)?
10. 10.A small business sells 41 bags of popcorn at ₹25 each. Its costs are ₹540. What is its profit (in ₹)?
11. 11.A small business sells 57 painted pebbles at ₹25 each. Its costs are ₹1230. What is its profit (in ₹)?
12. 12.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
15. 15.A small business sells 26 glasses of chai at ₹15 each. Its costs are ₹190. What is its profit (in ₹)?
16. 16.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
17. 17.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
18. 18.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
19. 19.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
20. 20.True or false: “owner owes the debts” is true of a company. (a) False (b) True
21. 21.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
22. 22.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
23. 23.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
24. 24.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
25. 25.A small business sells 10 cupcakes at ₹45 each. Its costs are ₹90. What is its profit (in ₹)?
26. 26.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) a separate legal body (d) run by directors
27. 27.True or false: “run by directors” is true of a sole trader. (a) True (b) False
28. 28.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
29. 29.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
30. 30.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
31. 31.A small business sells 36 clay diyas at ₹15 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
33. 33.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
34. 34.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) one owner runs it (d) owner keeps all profit
35. 35.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
36. 36.A small business sells 42 jute bags at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
37. 37.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
38. 38.True or false: “a separate legal body” is true of a company. (a) True (b) False
39. 39.A small business selling handmade cards had a revenue of ₹1200 and a profit of ₹630. What were its costs (in ₹)?
40. 40.A small business selling fruit cups had a revenue of ₹1720 and a profit of ₹910. What were its costs (in ₹)?

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