Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 392 · 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 company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
2. 2.A small business sells 15 glasses of chai at ₹40 each. Its costs are ₹420. What is its profit (in ₹)?
3. 3.A small business selling potted plants had a revenue of ₹420 and a profit of ₹360. What were its costs (in ₹)?
4. 4.A small business sells 13 jute bags at ₹10 each. What is its revenue (in ₹)?
5. 5.A small business sells 44 clay diyas at ₹20 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
7. 7.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
8. 8.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
10. 10.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
11. 11.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner owes the debts
13. 13.A small business sells 13 cupcakes at ₹5 each. What is its revenue (in ₹)?
14. 14.True or false: “run by directors” is true of a sole trader. (a) False (b) True
15. 15.A small business sells 23 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
16. 16.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
17. 17.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
18. 18.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
19. 19.A small business sells 46 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
20. 20.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
21. 21.A small business selling clay diyas had a revenue of ₹570 and a profit of ₹430. What were its costs (in ₹)?
22. 22.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
23. 23.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
24. 24.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
25. 25.True or false: “one owner runs it” is true of a company. (a) True (b) False
26. 26.A small business sells 10 friendship bands at ₹15 each. Its costs are ₹120. What is its profit (in ₹)?
27. 27.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
29. 29.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
30. 30.A small business sells 15 clay diyas at ₹20 each. Its costs are ₹270. What is its profit (in ₹)?
31. 31.A small business selling glasses of chai had a revenue of ₹765 and a profit of ₹105. What were its costs (in ₹)?
32. 32.A small business sells 24 fruit cups at ₹50 each. Its costs are ₹1090. What is its profit (in ₹)?
33. 33.A small business sells 55 glasses of chai at ₹45 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
35. 35.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
36. 36.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
37. 37.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
38. 38.A small business sells 35 fruit cups at ₹20 each. Its costs are ₹200. What is its profit (in ₹)?
39. 39.A small business selling painted pebbles had a revenue of ₹150 and a profit of ₹70. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) owned by shareholders

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