Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 577 · 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 sells 36 clay diyas at ₹45 each. Its costs are ₹580. What is its profit (in ₹)?
2. 2.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
3. 3.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
4. 4.A small business sells 24 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
5. 5.True or false: “one owner runs it” is true of a company. (a) False (b) True
6. 6.A small business sells 39 handmade cards at ₹5 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) run by directors
8. 8.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) owner keeps all profit
9. 9.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
10. 10.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
11. 11.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) simplest to start
12. 12.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
13. 13.A small business selling clay diyas had a revenue of ₹1050 and a profit of ₹530. What were its costs (in ₹)?
14. 14.True or false: “run by directors” is true of a sole trader. (a) False (b) True
15. 15.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
16. 16.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) one owner runs it
18. 18.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
19. 19.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
20. 20.True or false: “simplest to start” is true of a company. (a) True (b) False
21. 21.True or false: “owned by shareholders” is true of a company. (a) False (b) True
22. 22.A small business sells 41 glasses of chai at ₹40 each. Its costs are ₹430. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
24. 24.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
25. 25.A small business selling cupcakes had a revenue of ₹650 and a profit of ₹410. What were its costs (in ₹)?
26. 26.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
27. 27.A small business selling clay diyas had a revenue of ₹495 and a profit of ₹185. What were its costs (in ₹)?
28. 28.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
29. 29.A small business sells 15 cups of lemonade at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
30. 30.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
31. 31.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
32. 32.A small business sells 15 paper bookmarks at ₹45 each. Its costs are ₹600. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
34. 34.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
35. 35.A small business sells 13 clay diyas at ₹40 each. Its costs are ₹510. What is its profit (in ₹)?
36. 36.A small business sells 27 paper bookmarks at ₹40 each. Its costs are ₹880. What is its profit (in ₹)?
37. 37.True or false: “a separate legal body” is true of a company. (a) True (b) False
38. 38.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
39. 39.A small business sells 28 cupcakes at ₹45 each. What is its revenue (in ₹)?
40. 40.True or false: “owner owes the debts” is true of a company. (a) True (b) False

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