Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 387 · 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) only with adult help (d) never ever
2. 2.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
3. 3.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) owners’ risk is limited (d) run by directors
4. 4.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) a separate legal body
5. 5.A small business sells 11 friendship bands at ₹50 each. Its costs are ₹100. What is its profit (in ₹)?
6. 6.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) simplest to start
7. 7.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
8. 8.True or false: “a separate legal body” is true of a company. (a) False (b) True
9. 9.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
10. 10.A small business sells 32 glasses of chai at ₹15 each. Its costs are ₹250. What is its profit (in ₹)?
11. 11.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
13. 13.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
14. 14.A small business sells 42 clay diyas at ₹20 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
16. 16.A small business sells 26 painted pebbles at ₹40 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
18. 18.A small business sells 33 friendship bands at ₹15 each. Its costs are ₹470. What is its profit (in ₹)?
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) simplest to start
20. 20.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
21. 21.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
22. 22.True or false: “one owner runs it” is true of a company. (a) True (b) False
23. 23.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
24. 24.A small business selling fruit cups had a revenue of ₹1140 and a profit of ₹100. What were its costs (in ₹)?
25. 25.A small business sells 52 cups of lemonade at ₹35 each. Its costs are ₹730. What is its profit (in ₹)?
26. 26.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
27. 27.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
28. 28.📜 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
29. 29.A small business sells 26 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
30. 30.A small business sells 58 cupcakes at ₹25 each. What is its revenue (in ₹)?
31. 31.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
32. 32.A small business sells 21 potted plants at ₹20 each. Its costs are ₹290. What is its profit (in ₹)?
33. 33.True or false: “owned by shareholders” is true of a company. (a) False (b) True
34. 34.A small business selling cups of lemonade had a revenue of ₹100 and a profit of ₹60. What were its costs (in ₹)?
35. 35.A small business selling friendship bands had a revenue of ₹2280 and a profit of ₹2050. What were its costs (in ₹)?
36. 36.A small business sells 22 jute bags at ₹40 each. Its costs are ₹60. What is its profit (in ₹)?
37. 37.A small business sells 42 handmade cards at ₹10 each. What is its revenue (in ₹)?
38. 38.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
39. 39.A small business sells 17 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader

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