Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 515 · 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.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
2. 2.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
3. 3.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
4. 4.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
6. 6.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.True or false: “a separate legal body” is true of a company. (a) True (b) False
9. 9.A small business sells 28 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
10. 10.A small business sells 10 clay diyas at ₹45 each. Its costs are ₹230. What is its profit (in ₹)?
11. 11.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) run by directors
12. 12.A small business sells 46 glasses of chai at ₹15 each. What is its revenue (in ₹)?
13. 13.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
14. 14.A small business selling glasses of chai had a revenue of ₹775 and a profit of ₹275. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
16. 16.A small business sells 11 clay diyas at ₹35 each. Its costs are ₹350. What is its profit (in ₹)?
17. 17.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
18. 18.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
19. 19.A small business selling cupcakes had a revenue of ₹720 and a profit of ₹240. What were its costs (in ₹)?
20. 20.A small business sells 23 cupcakes at ₹15 each. Its costs are ₹220. What is its profit (in ₹)?
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) owner owes the debts (d) one owner runs it
22. 22.A small business sells 41 painted pebbles at ₹25 each. Its costs are ₹180. What is its profit (in ₹)?
23. 23.A small business sells 60 handmade cards at ₹50 each. Its costs are ₹1960. What is its profit (in ₹)?
24. 24.A small business sells 18 handmade cards at ₹20 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
26. 26.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
27. 27.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) owned by shareholders (d) a separate legal body
28. 28.A small business selling paper bookmarks had a revenue of ₹420 and a profit of ₹230. What were its costs (in ₹)?
29. 29.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
30. 30.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
31. 31.A small business sells 21 glasses of chai at ₹35 each. Its costs are ₹310. What is its profit (in ₹)?
32. 32.A small business sells 12 friendship bands at ₹30 each. What is its revenue (in ₹)?
33. 33.A small business sells 54 cupcakes at ₹45 each. Its costs are ₹2260. What is its profit (in ₹)?
34. 34.A small business sells 30 friendship bands at ₹25 each. Its costs are ₹450. What is its profit (in ₹)?
35. 35.True or false: “owned by shareholders” is true of a company. (a) True (b) False
36. 36.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
37. 37.A small business selling bags of popcorn had a revenue of ₹260 and a profit of ₹90. What were its costs (in ₹)?
38. 38.A small business sells 14 clay diyas at ₹15 each. Its costs are ₹170. What is its profit (in ₹)?
39. 39.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
40. 40.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers

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