Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 761 · 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: all money from sales? (a) profit (b) revenue
2. 2.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) a separate legal body (d) one owner runs it
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
4. 4.A small business selling cups of lemonade had a revenue of ₹1800 and a profit of ₹1680. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
7. 7.🎂 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
8. 8.True or false: “a separate legal body” is true of a company. (a) False (b) True
9. 9.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
10. 10.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
11. 11.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
12. 12.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
13. 13.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
14. 14.A small business sells 53 clay diyas at ₹10 each. Its costs are ₹390. What is its profit (in ₹)?
15. 15.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
16. 16.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) run by directors
17. 17.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
18. 18.A small business sells 39 cups of lemonade at ₹50 each. Its costs are ₹940. What is its profit (in ₹)?
19. 19.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
20. 20.A small business selling cups of lemonade had a revenue of ₹500 and a profit of ₹470. What were its costs (in ₹)?
21. 21.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
22. 22.A small business selling clay diyas had a revenue of ₹345 and a profit of ₹25. What were its costs (in ₹)?
23. 23.A small business sells 10 glasses of chai at ₹35 each. Its costs are ₹170. What is its profit (in ₹)?
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) owner owes the debts (d) one owner runs it
25. 25.A small business sells 12 handmade cards at ₹25 each. Its costs are ₹130. What is its profit (in ₹)?
26. 26.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) a separate legal body
27. 27.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
28. 28.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
30. 30.A small business sells 12 painted pebbles at ₹20 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
32. 32.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) owners’ risk is limited
33. 33.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
34. 34.A small business sells 60 paper bookmarks at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
35. 35.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
36. 36.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
37. 37.A small business sells 25 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
38. 38.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
39. 39.A small business sells 14 cups of lemonade at ₹30 each. Its costs are ₹140. What is its profit (in ₹)?
40. 40.A small business selling clay diyas had a revenue of ₹1020 and a profit of ₹900. What were its costs (in ₹)?

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