Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 674 · 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.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
2. 2.True or false: “one owner runs it” is true of a company. (a) True (b) False
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
4. 4.True or false: “simplest to start” is true of a company. (a) True (b) False
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner keeps all profit
6. 6.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
7. 7.A small business selling potted plants had a revenue of ₹630 and a profit of ₹530. What were its costs (in ₹)?
8. 8.A small business sells 36 painted pebbles at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
10. 10.True or false: “a separate legal body” is true of a company. (a) False (b) True
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
12. 12.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
13. 13.A small business sells 24 jute bags at ₹40 each. Its costs are ₹930. What is its profit (in ₹)?
14. 14.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
15. 15.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
16. 16.A small business sells 36 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
18. 18.A small business sells 51 friendship bands at ₹50 each. What is its revenue (in ₹)?
19. 19.A small business sells 50 handmade cards at ₹10 each. Its costs are ₹180. What is its profit (in ₹)?
20. 20.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
21. 21.A small business sells 40 painted pebbles at ₹15 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
23. 23.A small business selling painted pebbles had a revenue of ₹1040 and a profit of ₹200. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
25. 25.A small business sells 33 clay diyas at ₹20 each. What is its revenue (in ₹)?
26. 26.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
27. 27.A small business selling glasses of chai had a revenue of ₹2300 and a profit of ₹910. What were its costs (in ₹)?
28. 28.A small business sells 40 painted pebbles at ₹30 each. Its costs are ₹910. What is its profit (in ₹)?
29. 29.A small business sells 37 painted pebbles at ₹20 each. Its costs are ₹310. What is its profit (in ₹)?
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
31. 31.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
32. 32.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
33. 33.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) owned by shareholders
34. 34.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
35. 35.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) one owner runs it (d) owner keeps all profit
36. 36.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
37. 37.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
38. 38.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
39. 39.A small business sells 42 painted pebbles at ₹35 each. What is its revenue (in ₹)?
40. 40.A small business sells 38 cupcakes at ₹25 each. What is its revenue (in ₹)?

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