Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 695 · 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 38 bags of popcorn at ₹10 each. Its costs are ₹350. What is its profit (in ₹)?
2. 2.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
3. 3.A small business sells 11 handmade cards at ₹25 each. What is its revenue (in ₹)?
4. 4.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
5. 5.A small business sells 11 clay diyas at ₹5 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) run by directors
7. 7.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
8. 8.True or false: “one owner runs it” is true of a company. (a) True (b) False
9. 9.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) a separate legal body (d) owners’ risk is limited
10. 10.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
11. 11.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
12. 12.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.A small business selling potted plants had a revenue of ₹1400 and a profit of ₹10. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) simplest to start
18. 18.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) one owner runs it
19. 19.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
20. 20.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
21. 21.True or false: “owner owes the debts” is true of a company. (a) False (b) True
22. 22.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
23. 23.True or false: “simplest to start” is true of a company. (a) True (b) False
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
25. 25.A small business selling jute bags had a revenue of ₹640 and a profit of ₹490. What were its costs (in ₹)?
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
27. 27.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) owned by shareholders
28. 28.A small business selling fruit cups had a revenue of ₹50 and a profit of ₹40. What were its costs (in ₹)?
29. 29.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
30. 30.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
31. 31.A small business sells 14 jute bags at ₹40 each. What is its revenue (in ₹)?
32. 32.A small business sells 11 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
33. 33.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
34. 34.True or false: “owned by shareholders” is true of a company. (a) True (b) False
35. 35.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) one owner runs it (d) owner keeps all profit
36. 36.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
37. 37.A small business selling paper bookmarks had a revenue of ₹300 and a profit of ₹190. What were its costs (in ₹)?
38. 38.A small business selling fruit cups had a revenue of ₹1820 and a profit of ₹900. What were its costs (in ₹)?
39. 39.A small business sells 12 painted pebbles at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
40. 40.📊 Revenue or profit: price × number sold? (a) profit (b) revenue

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