Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 462 · 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: left after all costs? (a) revenue (b) profit
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
3. 3.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) simplest to start
4. 4.A small business selling glasses of chai had a revenue of ₹1750 and a profit of ₹1090. What were its costs (in ₹)?
5. 5.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
6. 6.A small business sells 40 friendship bands at ₹30 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) run by directors
8. 8.A small business sells 26 friendship bands at ₹35 each. Its costs are ₹420. What is its profit (in ₹)?
9. 9.A small business sells 12 handmade cards at ₹35 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
11. 11.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
12. 12.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
14. 14.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
15. 15.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
16. 16.A small business sells 60 fruit cups at ₹5 each. Its costs are ₹110. What is its profit (in ₹)?
17. 17.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) run by directors (d) owner keeps all profit
18. 18.A small business sells 42 painted pebbles at ₹5 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
20. 20.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
21. 21.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
22. 22.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
23. 23.A small business sells 50 clay diyas at ₹45 each. Its costs are ₹460. What is its profit (in ₹)?
24. 24.A small business selling cups of lemonade had a revenue of ₹1080 and a profit of ₹510. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
26. 26.True or false: “a separate legal body” is true of a company. (a) False (b) True
27. 27.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
28. 28.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
29. 29.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
30. 30.A small business sells 36 handmade cards at ₹30 each. Its costs are ₹240. What is its profit (in ₹)?
31. 31.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
32. 32.A small business selling paper bookmarks had a revenue of ₹570 and a profit of ₹190. What were its costs (in ₹)?
33. 33.A small business selling glasses of chai had a revenue of ₹550 and a profit of ₹530. What were its costs (in ₹)?
34. 34.A small business sells 21 glasses of chai at ₹40 each. What is its revenue (in ₹)?
35. 35.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
36. 36.A small business sells 15 cupcakes at ₹40 each. What is its revenue (in ₹)?
37. 37.A small business sells 35 handmade cards at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
38. 38.A small business sells 13 potted plants at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
39. 39.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
40. 40.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit

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