Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 300 · 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.A small business sells 12 jute bags at ₹35 each. Its costs are ₹90. What is its profit (in ₹)?
2. 2.True or false: “a separate legal body” is true of a company. (a) True (b) False
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
4. 4.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
5. 5.🎂 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
6. 6.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
7. 7.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
8. 8.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
9. 9.A small business sells 23 clay diyas at ₹40 each. Its costs are ₹840. What is its profit (in ₹)?
10. 10.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
11. 11.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
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.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
15. 15.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
16. 16.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
17. 17.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
18. 18.True or false: “owned by shareholders” is true of a company. (a) False (b) True
19. 19.A small business selling jute bags had a revenue of ₹560 and a profit of ₹140. What were its costs (in ₹)?
20. 20.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
21. 21.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
22. 22.A small business selling paper bookmarks had a revenue of ₹495 and a profit of ₹25. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
24. 24.A small business sells 60 clay diyas at ₹45 each. Its costs are ₹2410. What is its profit (in ₹)?
25. 25.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
26. 26.A small business selling glasses of chai had a revenue of ₹1650 and a profit of ₹320. What were its costs (in ₹)?
27. 27.A small business selling cups of lemonade had a revenue of ₹1650 and a profit of ₹1020. What were its costs (in ₹)?
28. 28.A small business sells 19 jute bags at ₹50 each. Its costs are ₹750. What is its profit (in ₹)?
29. 29.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
30. 30.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
31. 31.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
32. 32.A small business sells 30 clay diyas at ₹35 each. Its costs are ₹270. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
34. 34.A small business sells 47 jute bags at ₹45 each. Its costs are ₹1110. What is its profit (in ₹)?
35. 35.A small business sells 12 fruit cups at ₹30 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) a separate legal body
37. 37.A small business sells 39 cupcakes at ₹30 each. What is its revenue (in ₹)?
38. 38.A small business sells 23 glasses of chai at ₹40 each. Its costs are ₹820. What is its profit (in ₹)?
39. 39.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner keeps all profit (d) owner owes the debts
40. 40.A small business selling glasses of chai had a revenue of ₹1350 and a profit of ₹440. What were its costs (in ₹)?

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