Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 458 · 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 minus costs equals… (a) stock (b) profit (c) revenue (d) price
2. 2.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
3. 3.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
4. 4.A small business sells 30 bags of popcorn at ₹20 each. Its costs are ₹390. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
9. 9.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
10. 10.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) run by directors
11. 11.A small business selling fruit cups had a revenue of ₹2340 and a profit of ₹150. What were its costs (in ₹)?
12. 12.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
13. 13.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
14. 14.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
15. 15.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owners’ risk is limited (d) a separate legal body
16. 16.A small business sells 60 clay diyas at ₹50 each. What is its revenue (in ₹)?
17. 17.True or false: “run by directors” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 22 potted plants at ₹15 each. Its costs are ₹290. What is its profit (in ₹)?
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
20. 20.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
21. 21.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
22. 22.A small business sells 21 bags of popcorn at ₹30 each. Its costs are ₹410. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
24. 24.True or false: “run by directors” is true of a company. (a) True (b) False
25. 25.A small business sells 29 painted pebbles at ₹30 each. What is its revenue (in ₹)?
26. 26.A small business sells 46 cups of lemonade at ₹10 each. Its costs are ₹250. What is its profit (in ₹)?
27. 27.True or false: “a separate legal body” is true of a company. (a) False (b) True
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
29. 29.A small business sells 31 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
31. 31.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
32. 32.A small business selling handmade cards had a revenue of ₹1160 and a profit of ₹350. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
34. 34.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 23 painted pebbles at ₹5 each. What is its revenue (in ₹)?
36. 36.A small business sells 14 jute bags at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
37. 37.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
38. 38.A small business selling cups of lemonade had a revenue of ₹480 and a profit of ₹240. What were its costs (in ₹)?
39. 39.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
40. 40.A small business sells 40 clay diyas at ₹15 each. What is its revenue (in ₹)?

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