Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 410 · 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.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
2. 2.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
3. 3.A small business sells 25 glasses of chai at ₹20 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
6. 6.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
7. 7.A small business sells 59 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
8. 8.A small business sells 53 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
9. 9.A small business selling cups of lemonade had a revenue of ₹240 and a profit of ₹210. What were its costs (in ₹)?
10. 10.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
11. 11.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
12. 12.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owned by shareholders (d) a separate legal body
15. 15.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
16. 16.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
17. 17.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
18. 18.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
19. 19.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
20. 20.A small business sells 29 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
21. 21.A small business sells 23 bags of popcorn at ₹35 each. Its costs are ₹450. What is its profit (in ₹)?
22. 22.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
23. 23.A small business sells 59 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
24. 24.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
25. 25.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) simplest to start (d) owner owes the debts
26. 26.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
27. 27.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) a separate legal body (d) run by directors
28. 28.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) a separate legal body
30. 30.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
31. 31.True or false: “owner owes the debts” is true of a company. (a) True (b) False
32. 32.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
33. 33.True or false: “run by directors” is true of a sole trader. (a) True (b) False
34. 34.A small business selling fruit cups had a revenue of ₹440 and a profit of ₹150. What were its costs (in ₹)?
35. 35.A small business sells 55 jute bags at ₹15 each. What is its revenue (in ₹)?
36. 36.A small business sells 14 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
37. 37.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
38. 38.A small business selling bags of popcorn had a revenue of ₹870 and a profit of ₹770. What were its costs (in ₹)?
39. 39.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) simplest to start
40. 40.A small business sells 24 jute bags at ₹45 each. What is its revenue (in ₹)?

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