Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 74 · 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 57 handmade cards at ₹10 each. Its costs are ₹340. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
5. 5.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
6. 6.A small business sells 57 glasses of chai at ₹50 each. What is its revenue (in ₹)?
7. 7.A small business sells 32 clay diyas at ₹20 each. Its costs are ₹350. What is its profit (in ₹)?
8. 8.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
9. 9.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner keeps all profit
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) one owner runs it
11. 11.True or false: “run by directors” is true of a sole trader. (a) True (b) False
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) simplest to start
13. 13.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner keeps all profit
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) a separate legal body
15. 15.A small business sells 23 jute bags at ₹45 each. What is its revenue (in ₹)?
16. 16.A small business selling potted plants had a revenue of ₹2160 and a profit of ₹2080. What were its costs (in ₹)?
17. 17.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
18. 18.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 14 jute bags at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
20. 20.A small business sells 48 glasses of chai at ₹25 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
22. 22.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
23. 23.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
24. 24.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
25. 25.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
27. 27.A small business sells 47 friendship bands at ₹45 each. Its costs are ₹20. What is its profit (in ₹)?
28. 28.A small business sells 53 clay diyas at ₹5 each. What is its revenue (in ₹)?
29. 29.True or false: “a separate legal body” is true of a company. (a) False (b) True
30. 30.A small business sells 21 clay diyas at ₹20 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) owner keeps all profit (d) one owner runs it
32. 32.A small business sells 20 clay diyas at ₹45 each. Its costs are ₹770. What is its profit (in ₹)?
33. 33.A small business sells 54 cupcakes at ₹35 each. Its costs are ₹200. What is its profit (in ₹)?
34. 34.A small business selling bags of popcorn had a revenue of ₹360 and a profit of ₹130. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
36. 36.A small business sells 56 fruit cups at ₹25 each. What is its revenue (in ₹)?
37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
38. 38.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
39. 39.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
40. 40.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader

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