Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 343 · 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 minus costs equals… (a) profit (b) price (c) revenue (d) stock
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) run by directors
3. 3.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
4. 4.A small business selling clay diyas had a revenue of ₹1680 and a profit of ₹540. What were its costs (in ₹)?
5. 5.A small business sells 38 clay diyas at ₹50 each. Its costs are ₹1150. What is its profit (in ₹)?
6. 6.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owners’ risk is limited (d) simplest to start
7. 7.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
8. 8.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) owner owes the debts
10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
12. 12.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
13. 13.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
14. 14.A small business sells 36 glasses of chai at ₹45 each. Its costs are ₹1290. What is its profit (in ₹)?
15. 15.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
17. 17.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
18. 18.A small business sells 51 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
19. 19.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
20. 20.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
21. 21.A small business sells 17 friendship bands at ₹5 each. What is its revenue (in ₹)?
22. 22.True or false: “owned by shareholders” is true of a company. (a) True (b) False
23. 23.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
24. 24.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
25. 25.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
26. 26.A small business sells 24 paper bookmarks at ₹40 each. Its costs are ₹500. What is its profit (in ₹)?
27. 27.True or false: “one owner runs it” is true of a company. (a) True (b) False
28. 28.A small business sells 41 cups of lemonade at ₹35 each. Its costs are ₹1070. What is its profit (in ₹)?
29. 29.A small business sells 19 jute bags at ₹50 each. What is its revenue (in ₹)?
30. 30.A small business sells 55 potted plants at ₹25 each. Its costs are ₹670. What is its profit (in ₹)?
31. 31.A small business sells 19 friendship bands at ₹40 each. Its costs are ₹470. What is its profit (in ₹)?
32. 32.A small business sells 51 friendship bands at ₹40 each. Its costs are ₹530. What is its profit (in ₹)?
33. 33.A small business sells 48 clay diyas at ₹5 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
35. 35.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
36. 36.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
37. 37.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
38. 38.A small business selling friendship bands had a revenue of ₹690 and a profit of ₹380. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
40. 40.A small business sells 58 potted plants at ₹50 each. What is its revenue (in ₹)?

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