Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 625 · 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.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
2. 2.A small business sells 28 jute bags at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
3. 3.Which of these is true of a company? (a) simplest to start (b) run by directors (c) one owner runs it (d) owner keeps all profit
4. 4.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
6. 6.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner owes the debts (d) owner keeps all profit
7. 7.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) owner owes the debts
11. 11.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
12. 12.True or false: “owner owes the debts” is true of a company. (a) True (b) False
13. 13.A small business sells 36 handmade cards at ₹30 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
15. 15.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
16. 16.A small business selling clay diyas had a revenue of ₹600 and a profit of ₹490. What were its costs (in ₹)?
17. 17.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owners’ risk is limited
18. 18.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 38 cups of lemonade at ₹40 each. Its costs are ₹830. What is its profit (in ₹)?
20. 20.A small business sells 50 cups of lemonade at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
21. 21.A small business selling handmade cards had a revenue of ₹420 and a profit of ₹130. What were its costs (in ₹)?
22. 22.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
23. 23.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
24. 24.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) owners’ risk is limited (d) run by directors
25. 25.A small business sells 15 jute bags at ₹40 each. What is its revenue (in ₹)?
26. 26.True or false: “simplest to start” is true of a company. (a) True (b) False
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
29. 29.A small business sells 53 friendship bands at ₹45 each. What is its revenue (in ₹)?
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
31. 31.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
32. 32.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
33. 33.A small business selling jute bags had a revenue of ₹1770 and a profit of ₹1590. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
35. 35.A small business selling bags of popcorn had a revenue of ₹1175 and a profit of ₹825. What were its costs (in ₹)?
36. 36.True or false: “one owner runs it” is true of a company. (a) True (b) False
37. 37.A small business selling paper bookmarks had a revenue of ₹440 and a profit of ₹120. What were its costs (in ₹)?
38. 38.A small business sells 14 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
39. 39.True or false: “a separate legal body” is true of a company. (a) True (b) False
40. 40.A small business selling cupcakes had a revenue of ₹340 and a profit of ₹30. What were its costs (in ₹)?

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