Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 750 · 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.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
2. 2.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
3. 3.A small business sells 40 friendship bands at ₹5 each. What is its revenue (in ₹)?
4. 4.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
5. 5.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
7. 7.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) a separate legal body (d) owners’ risk is limited
8. 8.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
9. 9.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
10. 10.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) run by directors
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
14. 14.A small business selling paper bookmarks had a revenue of ₹300 and a profit of ₹260. What were its costs (in ₹)?
15. 15.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
16. 16.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
17. 17.A small business selling glasses of chai had a revenue of ₹1015 and a profit of ₹825. What were its costs (in ₹)?
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
19. 19.A small business selling handmade cards had a revenue of ₹720 and a profit of ₹180. What were its costs (in ₹)?
20. 20.True or false: “one owner runs it” is true of a company. (a) True (b) False
21. 21.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
22. 22.A small business selling handmade cards had a revenue of ₹430 and a profit of ₹210. What were its costs (in ₹)?
23. 23.True or false: “a separate legal body” is true of a company. (a) True (b) False
24. 24.A small business selling handmade cards had a revenue of ₹880 and a profit of ₹780. What were its costs (in ₹)?
25. 25.A small business selling handmade cards had a revenue of ₹1590 and a profit of ₹1460. What were its costs (in ₹)?
26. 26.True or false: “owner owes the debts” is true of a company. (a) False (b) True
27. 27.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
28. 28.A small business selling potted plants had a revenue of ₹560 and a profit of ₹490. What were its costs (in ₹)?
29. 29.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
31. 31.A small business selling handmade cards had a revenue of ₹750 and a profit of ₹250. What were its costs (in ₹)?
32. 32.A small business sells 58 cups of lemonade at ₹45 each. Its costs are ₹250. What is its profit (in ₹)?
33. 33.A small business sells 15 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) a separate legal body
35. 35.A small business sells 37 cupcakes at ₹20 each. Its costs are ₹110. What is its profit (in ₹)?
36. 36.A small business sells 20 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
37. 37.A small business selling paper bookmarks had a revenue of ₹615 and a profit of ₹155. What were its costs (in ₹)?
38. 38.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
39. 39.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
40. 40.A small business sells 24 paper bookmarks at ₹30 each. Its costs are ₹70. What is its profit (in ₹)?

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