Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 723 · 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.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
2. 2.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) run by directors
5. 5.A small business sells 30 clay diyas at ₹40 each. What is its revenue (in ₹)?
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.A small business sells 50 fruit cups at ₹35 each. What is its revenue (in ₹)?
8. 8.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
9. 9.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
10. 10.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
11. 11.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
12. 12.A small business selling painted pebbles had a revenue of ₹440 and a profit of ₹40. What were its costs (in ₹)?
13. 13.True or false: “simplest to start” is true of a company. (a) False (b) True
14. 14.A small business sells 52 painted pebbles at ₹30 each. What is its revenue (in ₹)?
15. 15.A small business sells 39 potted plants at ₹30 each. Its costs are ₹200. What is its profit (in ₹)?
16. 16.A small business selling painted pebbles had a revenue of ₹450 and a profit of ₹140. What were its costs (in ₹)?
17. 17.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
18. 18.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
19. 19.True or false: “run by directors” is true of a sole trader. (a) False (b) True
20. 20.A small business selling handmade cards had a revenue of ₹520 and a profit of ₹290. What were its costs (in ₹)?
21. 21.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
22. 22.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner keeps all profit (d) simplest to start
23. 23.A small business sells 20 paper bookmarks at ₹10 each. Its costs are ₹160. What is its profit (in ₹)?
24. 24.A small business selling cups of lemonade had a revenue of ₹690 and a profit of ₹610. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
26. 26.A small business selling friendship bands had a revenue of ₹595 and a profit of ₹185. What were its costs (in ₹)?
27. 27.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
28. 28.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
29. 29.A small business sells 24 paper bookmarks at ₹25 each. Its costs are ₹410. What is its profit (in ₹)?
30. 30.A small business selling jute bags had a revenue of ₹1890 and a profit of ₹220. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
32. 32.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
33. 33.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
34. 34.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) run by directors (d) owned by shareholders
35. 35.A small business sells 55 handmade cards at ₹15 each. Its costs are ₹400. What is its profit (in ₹)?
36. 36.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
37. 37.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) owner owes the debts (d) one owner runs it
38. 38.A small business sells 13 cupcakes at ₹45 each. Its costs are ₹560. What is its profit (in ₹)?
39. 39.A small business selling painted pebbles had a revenue of ₹595 and a profit of ₹225. What were its costs (in ₹)?
40. 40.A small business selling cups of lemonade had a revenue of ₹2850 and a profit of ₹1380. What were its costs (in ₹)?

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