Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 709 · 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 55 paper bookmarks at ₹25 each. Its costs are ₹370. What is its profit (in ₹)?
2. 2.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
3. 3.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
4. 4.A small business sells 15 paper bookmarks at ₹45 each. Its costs are ₹440. What is its profit (in ₹)?
5. 5.True or false: “run by directors” is true of a sole trader. (a) False (b) True
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
8. 8.True or false: “owner owes the debts” is true of a company. (a) True (b) False
9. 9.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
10. 10.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
11. 11.A small business sells 30 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
12. 12.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
13. 13.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
16. 16.A small business selling fruit cups had a revenue of ₹300 and a profit of ₹20. What were its costs (in ₹)?
17. 17.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) simplest to start
18. 18.A small business sells 18 cupcakes at ₹45 each. What is its revenue (in ₹)?
19. 19.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
20. 20.A small business selling friendship bands had a revenue of ₹1850 and a profit of ₹700. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
22. 22.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
23. 23.A small business sells 48 jute bags at ₹15 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
25. 25.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
26. 26.A small business sells 46 cupcakes at ₹25 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
28. 28.A small business sells 28 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
29. 29.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
30. 30.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
31. 31.A small business selling friendship bands had a revenue of ₹1480 and a profit of ₹1430. What were its costs (in ₹)?
32. 32.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
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) one owner runs it
35. 35.A small business sells 27 handmade cards at ₹15 each. What is its revenue (in ₹)?
36. 36.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
37. 37.A small business sells 30 clay diyas at ₹20 each. What is its revenue (in ₹)?
38. 38.A small business sells 24 handmade cards at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
39. 39.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
40. 40.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders

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