Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 478 · 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.True or false: “owned by shareholders” is true of a company. (a) False (b) True
2. 2.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
3. 3.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
4. 4.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
5. 5.A small business sells 32 glasses of chai at ₹50 each. Its costs are ₹1570. What is its profit (in ₹)?
6. 6.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
7. 7.A small business selling clay diyas had a revenue of ₹160 and a profit of ₹100. What were its costs (in ₹)?
8. 8.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owned by shareholders
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.A small business sells 12 potted plants at ₹40 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
16. 16.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
17. 17.True or false: “run by directors” is true of a company. (a) False (b) True
18. 18.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
19. 19.A small business sells 49 painted pebbles at ₹5 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
21. 21.A small business sells 12 cups of lemonade at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
22. 22.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
23. 23.A small business sells 15 glasses of chai at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
25. 25.A small business selling glasses of chai had a revenue of ₹2065 and a profit of ₹1755. What were its costs (in ₹)?
26. 26.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
27. 27.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
29. 29.A small business sells 14 handmade cards at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
30. 30.A small business sells 45 jute bags at ₹30 each. What is its revenue (in ₹)?
31. 31.A small business sells 49 jute bags at ₹15 each. What is its revenue (in ₹)?
32. 32.A small business sells 19 fruit cups at ₹5 each. What is its revenue (in ₹)?
33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
34. 34.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) one owner runs it
35. 35.A small business sells 43 jute bags at ₹20 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner keeps all profit
37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
38. 38.True or false: “one owner runs it” is true of a company. (a) False (b) True
39. 39.A small business selling glasses of chai had a revenue of ₹980 and a profit of ₹110. What were its costs (in ₹)?
40. 40.A small business sells 45 handmade cards at ₹10 each. What is its revenue (in ₹)?

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