Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 70 · 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.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
2. 2.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
3. 3.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
4. 4.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
5. 5.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
6. 6.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
7. 7.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
8. 8.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
9. 9.A small business selling bags of popcorn had a revenue of ₹550 and a profit of ₹210. What were its costs (in ₹)?
10. 10.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
11. 11.A small business sells 17 clay diyas at ₹45 each. What is its revenue (in ₹)?
12. 12.A small business sells 55 cupcakes at ₹15 each. Its costs are ₹730. What is its profit (in ₹)?
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
14. 14.True or false: “owned by shareholders” is true of a company. (a) True (b) False
15. 15.A small business sells 48 handmade cards at ₹45 each. Its costs are ₹290. What is its profit (in ₹)?
16. 16.A small business sells 20 glasses of chai at ₹35 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
18. 18.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
19. 19.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it
20. 20.A small business selling painted pebbles had a revenue of ₹1400 and a profit of ₹30. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
22. 22.True or false: “run by directors” is true of a company. (a) True (b) False
23. 23.A small business selling bags of popcorn had a revenue of ₹1475 and a profit of ₹595. What were its costs (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
25. 25.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
26. 26.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
27. 27.A small business sells 60 jute bags at ₹30 each. Its costs are ₹1710. What is its profit (in ₹)?
28. 28.A small business selling clay diyas had a revenue of ₹1035 and a profit of ₹415. What were its costs (in ₹)?
29. 29.A small business selling potted plants had a revenue of ₹1620 and a profit of ₹860. What were its costs (in ₹)?
30. 30.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) simplest to start
31. 31.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
32. 32.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
33. 33.🎂 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
34. 34.A small business selling handmade cards had a revenue of ₹320 and a profit of ₹220. What were its costs (in ₹)?
35. 35.A small business selling handmade cards had a revenue of ₹570 and a profit of ₹550. What were its costs (in ₹)?
36. 36.A small business selling cups of lemonade had a revenue of ₹200 and a profit of ₹20. What were its costs (in ₹)?
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) simplest to start (d) a separate legal body
38. 38.A small business selling cupcakes had a revenue of ₹780 and a profit of ₹170. What were its costs (in ₹)?
39. 39.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 35 cupcakes at ₹15 each. Its costs are ₹150. What is its profit (in ₹)?

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