Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 60 · 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.True or false: “run by directors” is true of a company. (a) True (b) False
2. 2.A small business sells 22 jute bags at ₹40 each. What is its revenue (in ₹)?
3. 3.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
4. 4.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
5. 5.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
6. 6.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
7. 7.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
8. 8.A small business sells 16 potted plants at ₹15 each. What is its revenue (in ₹)?
9. 9.A small business sells 50 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owners’ risk is limited
12. 12.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
13. 13.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
14. 14.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
16. 16.A small business selling bags of popcorn had a revenue of ₹2650 and a profit of ₹780. What were its costs (in ₹)?
17. 17.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
18. 18.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
19. 19.A small business sells 33 glasses of chai at ₹25 each. Its costs are ₹390. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
22. 22.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
24. 24.A small business sells 14 cups of lemonade at ₹35 each. Its costs are ₹140. What is its profit (in ₹)?
25. 25.A small business selling bags of popcorn had a revenue of ₹260 and a profit of ₹190. What were its costs (in ₹)?
26. 26.A small business sells 39 cupcakes at ₹35 each. Its costs are ₹900. What is its profit (in ₹)?
27. 27.A small business selling cupcakes had a revenue of ₹595 and a profit of ₹115. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
29. 29.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
30. 30.A small business sells 56 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business sells 11 handmade cards at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
32. 32.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
33. 33.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
34. 34.A small business sells 22 friendship bands at ₹15 each. Its costs are ₹180. What is its profit (in ₹)?
35. 35.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
36. 36.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
37. 37.True or false: “owner owes the debts” is true of a company. (a) True (b) False
38. 38.A small business sells 49 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
39. 39.True or false: “owned by shareholders” is true of a company. (a) True (b) False
40. 40.True or false: “one owner runs it” is true of a company. (a) True (b) False

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