Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 491 · 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.A small business selling potted plants had a revenue of ₹580 and a profit of ₹120. What were its costs (in ₹)?
2. 2.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.A small business sells 26 clay diyas at ₹30 each. What is its revenue (in ₹)?
5. 5.A small business selling friendship bands had a revenue of ₹560 and a profit of ₹470. What were its costs (in ₹)?
6. 6.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
7. 7.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) simplest to start (d) one owner runs it
8. 8.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
9. 9.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) one owner runs it
10. 10.A small business sells 14 potted plants at ₹20 each. What is its revenue (in ₹)?
11. 11.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
12. 12.A small business sells 15 glasses of chai at ₹35 each. What is its revenue (in ₹)?
13. 13.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
14. 14.A small business sells 28 clay diyas at ₹25 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
16. 16.True or false: “owner owes the debts” is true of a company. (a) True (b) False
17. 17.A small business sells 20 paper bookmarks at ₹40 each. Its costs are ₹130. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
20. 20.True or false: “a separate legal body” is true of a company. (a) True (b) False
21. 21.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
22. 22.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
23. 23.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
24. 24.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
25. 25.A small business sells 31 paper bookmarks at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
26. 26.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
27. 27.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
28. 28.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
30. 30.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
31. 31.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
32. 32.A small business selling painted pebbles had a revenue of ₹1155 and a profit of ₹155. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
34. 34.A small business selling cups of lemonade had a revenue of ₹630 and a profit of ₹90. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
36. 36.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
37. 37.A small business selling friendship bands had a revenue of ₹720 and a profit of ₹570. What were its costs (in ₹)?
38. 38.A small business sells 52 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
39. 39.True or false: “run by directors” is true of a company. (a) False (b) True
40. 40.A small business sells 50 fruit cups at ₹45 each. What is its revenue (in ₹)?

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