Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 572 · 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.A small business selling bags of popcorn had a revenue of ₹1680 and a profit of ₹1520. What were its costs (in ₹)?
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
4. 4.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
5. 5.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
6. 6.A small business sells 39 fruit cups at ₹10 each. What is its revenue (in ₹)?
7. 7.A small business selling glasses of chai had a revenue of ₹420 and a profit of ₹270. What were its costs (in ₹)?
8. 8.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
9. 9.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) owned by shareholders
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
11. 11.True or false: “simplest to start” is true of a company. (a) True (b) False
12. 12.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
13. 13.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
14. 14.A small business sells 19 potted plants at ₹30 each. Its costs are ₹170. What is its profit (in ₹)?
15. 15.A small business selling clay diyas had a revenue of ₹275 and a profit of ₹95. What were its costs (in ₹)?
16. 16.A small business sells 31 glasses of chai at ₹40 each. What is its revenue (in ₹)?
17. 17.A small business sells 13 painted pebbles at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
18. 18.A small business sells 44 painted pebbles at ₹35 each. Its costs are ₹1240. What is its profit (in ₹)?
19. 19.A small business sells 47 handmade cards at ₹15 each. What is its revenue (in ₹)?
20. 20.True or false: “owned by shareholders” is true of a company. (a) True (b) False
21. 21.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
22. 22.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) run by directors
23. 23.A small business sells 11 fruit cups at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
24. 24.A small business selling cupcakes had a revenue of ₹530 and a profit of ₹420. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
26. 26.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
27. 27.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
28. 28.A small business sells 42 painted pebbles at ₹30 each. Its costs are ₹1050. What is its profit (in ₹)?
29. 29.True or false: “run by directors” is true of a company. (a) True (b) False
30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
31. 31.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owned by shareholders (d) a separate legal body
32. 32.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
33. 33.True or false: “one owner runs it” is true of a company. (a) False (b) True
34. 34.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
36. 36.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
37. 37.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
38. 38.A small business sells 49 friendship bands at ₹5 each. What is its revenue (in ₹)?
39. 39.A small business sells 26 potted plants at ₹15 each. Its costs are ₹80. What is its profit (in ₹)?
40. 40.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) simplest to start (d) owned by shareholders

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