Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 356 · 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.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
2. 2.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
3. 3.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
4. 4.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
5. 5.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
6. 6.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
7. 7.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
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
9. 9.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
10. 10.A small business selling potted plants had a revenue of ₹480 and a profit of ₹260. What were its costs (in ₹)?
11. 11.A small business selling cups of lemonade had a revenue of ₹680 and a profit of ₹330. What were its costs (in ₹)?
12. 12.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) one owner runs it (d) owner owes the debts
13. 13.A small business sells 57 friendship bands at ₹50 each. What is its revenue (in ₹)?
14. 14.A small business sells 35 clay diyas at ₹20 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner keeps all profit (d) one owner runs it
16. 16.A small business selling potted plants had a revenue of ₹275 and a profit of ₹145. What were its costs (in ₹)?
17. 17.True or false: “run by directors” is true of a sole trader. (a) False (b) True
18. 18.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
19. 19.A small business sells 38 friendship bands at ₹50 each. Its costs are ₹1250. What is its profit (in ₹)?
20. 20.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
21. 21.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
22. 22.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
23. 23.True or false: “run by directors” is true of a company. (a) False (b) True
24. 24.A small business sells 45 glasses of chai at ₹25 each. Its costs are ₹450. What is its profit (in ₹)?
25. 25.True or false: “owner owes the debts” is true of a company. (a) True (b) False
26. 26.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
27. 27.True or false: “one owner runs it” is true of a company. (a) True (b) False
28. 28.A small business sells 14 clay diyas at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
29. 29.A small business sells 31 clay diyas at ₹35 each. Its costs are ₹430. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
32. 32.A small business selling glasses of chai had a revenue of ₹840 and a profit of ₹680. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
34. 34.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
35. 35.A small business sells 16 handmade cards at ₹10 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owned by shareholders
37. 37.A small business selling painted pebbles had a revenue of ₹290 and a profit of ₹200. What were its costs (in ₹)?
38. 38.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
39. 39.A small business sells 38 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
40. 40.A small business selling painted pebbles had a revenue of ₹90 and a profit of ₹60. What were its costs (in ₹)?

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