Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 353 · 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: owner owes the debts? (a) a company (b) a sole trader
2. 2.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
3. 3.A small business sells 21 handmade cards at ₹20 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
5. 5.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
6. 6.A small business sells 11 bags of popcorn at ₹50 each. Its costs are ₹130. What is its profit (in ₹)?
7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
8. 8.True or false: “one owner runs it” is true of a company. (a) False (b) True
9. 9.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
10. 10.A small business selling paper bookmarks had a revenue of ₹1085 and a profit of ₹675. What were its costs (in ₹)?
11. 11.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
12. 12.A small business sells 26 friendship bands at ₹50 each. Its costs are ₹660. What is its profit (in ₹)?
13. 13.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) a separate legal body
14. 14.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
15. 15.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) one owner runs it (d) a separate legal body
17. 17.A small business sells 33 cupcakes at ₹15 each. What is its revenue (in ₹)?
18. 18.A small business sells 18 clay diyas at ₹10 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
20. 20.A small business sells 36 clay diyas at ₹45 each. Its costs are ₹100. What is its profit (in ₹)?
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
22. 22.A small business sells 27 bags of popcorn at ₹25 each. Its costs are ₹30. What is its profit (in ₹)?
23. 23.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
24. 24.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
25. 25.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
26. 26.A small business sells 14 potted plants at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
27. 27.A small business sells 18 clay diyas at ₹40 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
29. 29.A small business selling clay diyas had a revenue of ₹140 and a profit of ₹70. What were its costs (in ₹)?
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
31. 31.True or false: “simplest to start” is true of a company. (a) False (b) True
32. 32.A small business selling clay diyas had a revenue of ₹330 and a profit of ₹170. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
34. 34.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
35. 35.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) owner keeps all profit
36. 36.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
37. 37.A small business sells 17 painted pebbles at ₹10 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
39. 39.A small business sells 33 painted pebbles at ₹35 each. What is its revenue (in ₹)?
40. 40.A small business selling cups of lemonade had a revenue of ₹1680 and a profit of ₹850. What were its costs (in ₹)?

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