Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 36 · 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.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) run by directors
2. 2.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
3. 3.A small business sells 60 jute bags at ₹40 each. Its costs are ₹2020. What is its profit (in ₹)?
4. 4.A small business selling cupcakes had a revenue of ₹1175 and a profit of ₹155. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) simplest to start
7. 7.A small business sells 53 handmade cards at ₹15 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
9. 9.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
10. 10.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
11. 11.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
12. 12.A small business selling cupcakes had a revenue of ₹2200 and a profit of ₹590. What were its costs (in ₹)?
13. 13.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
14. 14.A small business sells 24 jute bags at ₹45 each. What is its revenue (in ₹)?
15. 15.A small business sells 24 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
16. 16.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
18. 18.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 21 glasses of chai at ₹50 each. Its costs are ₹450. What is its profit (in ₹)?
20. 20.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
21. 21.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
22. 22.True or false: “simplest to start” is true of a company. (a) False (b) True
23. 23.A small business sells 36 cupcakes at ₹40 each. What is its revenue (in ₹)?
24. 24.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
25. 25.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
26. 26.A small business sells 45 potted plants at ₹25 each. Its costs are ₹1090. What is its profit (in ₹)?
27. 27.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
28. 28.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
29. 29.A small business sells 39 cups of lemonade at ₹20 each. Its costs are ₹370. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
31. 31.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
33. 33.A small business sells 23 handmade cards at ₹35 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
35. 35.A small business sells 54 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
37. 37.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
38. 38.A small business sells 49 clay diyas at ₹50 each. What is its revenue (in ₹)?
39. 39.A small business selling cups of lemonade had a revenue of ₹350 and a profit of ₹130. What were its costs (in ₹)?
40. 40.True or false: “one owner runs it” is true of a company. (a) False (b) True

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