Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 552 · 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.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
2. 2.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
3. 3.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
4. 4.A small business sells 35 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
6. 6.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
7. 7.A small business sells 47 painted pebbles at ₹40 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) one owner runs it (d) simplest to start
9. 9.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
10. 10.True or false: “owner owes the debts” is true of a company. (a) True (b) False
11. 11.A small business sells 38 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
13. 13.A small business sells 26 painted pebbles at ₹40 each. Its costs are ₹40. What is its profit (in ₹)?
14. 14.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
15. 15.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
17. 17.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
18. 18.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owned by shareholders (d) run by directors
19. 19.A small business sells 19 glasses of chai at ₹50 each. What is its revenue (in ₹)?
20. 20.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
21. 21.True or false: “one owner runs it” is true of a company. (a) True (b) False
22. 22.A small business sells 39 friendship bands at ₹15 each. Its costs are ₹520. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
24. 24.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.A small business sells 16 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
27. 27.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
28. 28.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
29. 29.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
30. 30.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
31. 31.A small business sells 33 cups of lemonade at ₹30 each. Its costs are ₹150. What is its profit (in ₹)?
32. 32.True or false: “simplest to start” is true of a company. (a) False (b) True
33. 33.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
34. 34.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
35. 35.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
36. 36.A small business sells 37 clay diyas at ₹30 each. What is its revenue (in ₹)?
37. 37.A small business selling fruit cups had a revenue of ₹1855 and a profit of ₹345. What were its costs (in ₹)?
38. 38.A small business sells 30 bags of popcorn at ₹25 each. Its costs are ₹280. What is its profit (in ₹)?
39. 39.A small business sells 51 glasses of chai at ₹40 each. Its costs are ₹490. What is its profit (in ₹)?
40. 40.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) run by directors

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