Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 624 · 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 17 potted plants at ₹35 each. What is its revenue (in ₹)?
2. 2.A small business selling fruit cups had a revenue of ₹150 and a profit of ₹40. What were its costs (in ₹)?
3. 3.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
4. 4.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
5. 5.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
6. 6.A small business sells 45 clay diyas at ₹45 each. Its costs are ₹470. What is its profit (in ₹)?
7. 7.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
8. 8.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
9. 9.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) simplest to start
11. 11.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
12. 12.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
14. 14.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
15. 15.True or false: “owned by shareholders” is true of a company. (a) True (b) False
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) owner owes the debts
17. 17.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
18. 18.A small business sells 45 bags of popcorn at ₹50 each. Its costs are ₹1330. What is its profit (in ₹)?
19. 19.A small business sells 16 clay diyas at ₹40 each. Its costs are ₹420. What is its profit (in ₹)?
20. 20.A small business selling glasses of chai had a revenue of ₹850 and a profit of ₹660. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
22. 22.A small business sells 36 cups of lemonade at ₹30 each. Its costs are ₹240. What is its profit (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
24. 24.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
25. 25.A small business sells 40 cups of lemonade at ₹20 each. Its costs are ₹200. What is its profit (in ₹)?
26. 26.A small business sells 50 potted plants at ₹45 each. Its costs are ₹1940. What is its profit (in ₹)?
27. 27.A small business sells 43 handmade cards at ₹10 each. What is its revenue (in ₹)?
28. 28.A small business selling bags of popcorn had a revenue of ₹1890 and a profit of ₹1200. What were its costs (in ₹)?
29. 29.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 keeps all profit
30. 30.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
31. 31.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
32. 32.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
33. 33.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
34. 34.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
35. 35.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owned by shareholders
36. 36.A small business sells 57 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
37. 37.A small business sells 20 bags of popcorn at ₹30 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.A small business sells 31 clay diyas at ₹15 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company

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