Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 702 · 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: goes up if costs fall? (a) profit (b) revenue
2. 2.A small business sells 27 jute bags at ₹50 each. Its costs are ₹250. What is its profit (in ₹)?
3. 3.True or false: “run by directors” is true of a sole trader. (a) False (b) True
4. 4.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
5. 5.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
7. 7.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
8. 8.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
9. 9.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
10. 10.True or false: “one owner runs it” is true of a company. (a) True (b) False
11. 11.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) owned by shareholders (d) run by directors
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) owned by shareholders (d) a separate legal body
13. 13.A small business sells 15 handmade cards at ₹15 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
15. 15.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) a separate legal body
16. 16.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
17. 17.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
18. 18.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
19. 19.A small business sells 22 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
20. 20.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
21. 21.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) simplest to start (d) run by directors
26. 26.A small business selling paper bookmarks had a revenue of ₹100 and a profit of ₹80. What were its costs (in ₹)?
27. 27.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
28. 28.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
29. 29.A small business sells 18 fruit cups at ₹35 each. Its costs are ₹550. What is its profit (in ₹)?
30. 30.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owned by shareholders
31. 31.True or false: “a separate legal body” is true of a company. (a) False (b) True
32. 32.A small business sells 22 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
33. 33.A small business sells 22 paper bookmarks at ₹15 each. Its costs are ₹290. What is its profit (in ₹)?
34. 34.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
35. 35.True or false: “simplest to start” is true of a company. (a) False (b) True
36. 36.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
37. 37.A small business selling clay diyas had a revenue of ₹455 and a profit of ₹55. What were its costs (in ₹)?
38. 38.A small business sells 12 jute bags at ₹15 each. What is its revenue (in ₹)?
39. 39.A small business selling cups of lemonade had a revenue of ₹810 and a profit of ₹370. What were its costs (in ₹)?
40. 40.A small business selling glasses of chai had a revenue of ₹1380 and a profit of ₹950. What were its costs (in ₹)?

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