Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 601 · 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: “one owner runs it” is true of a company. (a) True (b) False
2. 2.A small business selling cupcakes had a revenue of ₹1505 and a profit of ₹855. What were its costs (in ₹)?
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) owners’ risk is limited
4. 4.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
5. 5.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
6. 6.A small business sells 35 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) a separate legal body
8. 8.A small business selling bags of popcorn had a revenue of ₹510 and a profit of ₹20. What were its costs (in ₹)?
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owned by shareholders (d) simplest to start
10. 10.🎂 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
11. 11.A small business sells 35 jute bags at ₹5 each. Its costs are ₹110. What is its profit (in ₹)?
12. 12.A small business sells 14 jute bags at ₹35 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
14. 14.A small business sells 38 paper bookmarks at ₹20 each. Its costs are ₹710. What is its profit (in ₹)?
15. 15.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) a separate legal body
16. 16.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
17. 17.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
18. 18.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
19. 19.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
20. 20.A small business selling bags of popcorn had a revenue of ₹550 and a profit of ₹60. What were its costs (in ₹)?
21. 21.A small business sells 60 handmade cards at ₹20 each. What is its revenue (in ₹)?
22. 22.True or false: “owner owes the debts” is true of a company. (a) True (b) False
23. 23.A small business sells 26 glasses of chai at ₹20 each. What is its revenue (in ₹)?
24. 24.A small business selling cups of lemonade had a revenue of ₹900 and a profit of ₹710. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
26. 26.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
27. 27.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
28. 28.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
29. 29.True or false: “a separate legal body” is true of a company. (a) True (b) False
30. 30.A small business selling clay diyas had a revenue of ₹720 and a profit of ₹350. What were its costs (in ₹)?
31. 31.A small business selling potted plants had a revenue of ₹165 and a profit of ₹115. What were its costs (in ₹)?
32. 32.A small business sells 11 handmade cards at ₹30 each. What is its revenue (in ₹)?
33. 33.True or false: “run by directors” is true of a sole trader. (a) True (b) False
34. 34.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
35. 35.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
36. 36.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
37. 37.A small business sells 57 clay diyas at ₹5 each. What is its revenue (in ₹)?
38. 38.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
39. 39.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
40. 40.A small business sells 41 handmade cards at ₹20 each. What is its revenue (in ₹)?

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