Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 762 · 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.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
2. 2.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
3. 3.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
4. 4.A small business sells 16 painted pebbles at ₹15 each. What is its revenue (in ₹)?
5. 5.A small business selling potted plants had a revenue of ₹1500 and a profit of ₹1380. What were its costs (in ₹)?
6. 6.A small business sells 55 friendship bands at ₹35 each. Its costs are ₹1110. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) owner owes the debts (d) simplest to start
10. 10.A small business selling jute bags had a revenue of ₹195 and a profit of ₹115. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
12. 12.A small business sells 40 paper bookmarks at ₹45 each. Its costs are ₹460. What is its profit (in ₹)?
13. 13.A small business sells 48 clay diyas at ₹50 each. What is its revenue (in ₹)?
14. 14.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
15. 15.A small business sells 49 cupcakes at ₹45 each. Its costs are ₹1060. What is its profit (in ₹)?
16. 16.A small business selling jute bags had a revenue of ₹400 and a profit of ₹320. What were its costs (in ₹)?
17. 17.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
18. 18.A small business sells 16 handmade cards at ₹40 each. What is its revenue (in ₹)?
19. 19.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
21. 21.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
22. 22.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) a separate legal body (d) run by directors
23. 23.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
24. 24.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
26. 26.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
27. 27.A small business selling jute bags had a revenue of ₹60 and a profit of ₹50. What were its costs (in ₹)?
28. 28.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
29. 29.A small business selling handmade cards had a revenue of ₹1600 and a profit of ₹230. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
33. 33.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
34. 34.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner owes the debts (d) owner keeps all profit
35. 35.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
36. 36.A small business sells 58 bags of popcorn at ₹10 each. Its costs are ₹170. What is its profit (in ₹)?
37. 37.A small business sells 49 cups of lemonade at ₹10 each. Its costs are ₹390. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
39. 39.A small business sells 60 clay diyas at ₹10 each. What is its revenue (in ₹)?
40. 40.A small business sells 22 painted pebbles at ₹35 each. Its costs are ₹30. What is its profit (in ₹)?

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