Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 621 · 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.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
2. 2.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
3. 3.A small business selling handmade cards had a revenue of ₹1075 and a profit of ₹485. What were its costs (in ₹)?
4. 4.True or false: “simplest to start” is true of a company. (a) False (b) True
5. 5.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
6. 6.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
7. 7.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
8. 8.A small business selling glasses of chai had a revenue of ₹1540 and a profit of ₹40. What were its costs (in ₹)?
9. 9.A small business sells 46 potted plants at ₹5 each. Its costs are ₹160. What is its profit (in ₹)?
10. 10.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
11. 11.📜 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
12. 12.A small business sells 13 potted plants at ₹20 each. What is its revenue (in ₹)?
13. 13.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
14. 14.A small business sells 34 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) simplest to start (d) one owner runs it
16. 16.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) a separate legal body (d) one owner runs it
17. 17.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 33 cupcakes at ₹25 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
20. 20.🎂 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
21. 21.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
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 sole trader (b) a company
24. 24.A small business selling handmade cards had a revenue of ₹1125 and a profit of ₹625. What were its costs (in ₹)?
25. 25.A small business sells 24 handmade cards at ₹25 each. Its costs are ₹480. What is its profit (in ₹)?
26. 26.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
27. 27.A small business sells 19 painted pebbles at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) a separate legal body
29. 29.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
30. 30.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
31. 31.A small business sells 15 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
33. 33.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
34. 34.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
35. 35.A small business sells 49 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
36. 36.A small business sells 11 bags of popcorn at ₹35 each. Its costs are ₹60. What is its profit (in ₹)?
37. 37.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
38. 38.A small business sells 14 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
40. 40.True or false: “owner owes the debts” is true of a company. (a) True (b) False

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