Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 809 · 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: revenue minus costs? (a) profit (b) revenue
2. 2.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) one owner runs it
3. 3.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
4. 4.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
5. 5.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
6. 6.A small business selling cups of lemonade had a revenue of ₹185 and a profit of ₹165. What were its costs (in ₹)?
7. 7.True or false: “owned by shareholders” is true of a company. (a) False (b) True
8. 8.A small business selling fruit cups had a revenue of ₹2450 and a profit of ₹2260. What were its costs (in ₹)?
9. 9.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
11. 11.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
12. 12.A small business sells 11 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
13. 13.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
14. 14.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
15. 15.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
16. 16.A small business sells 39 handmade cards at ₹10 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) simplest to start
18. 18.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
19. 19.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
20. 20.A small business selling potted plants had a revenue of ₹2160 and a profit of ₹1850. What were its costs (in ₹)?
21. 21.A small business sells 33 glasses of chai at ₹25 each. Its costs are ₹280. What is its profit (in ₹)?
22. 22.A small business selling bags of popcorn had a revenue of ₹440 and a profit of ₹210. What were its costs (in ₹)?
23. 23.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
24. 24.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
25. 25.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
26. 26.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
27. 27.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
28. 28.A small business sells 21 cupcakes at ₹40 each. What is its revenue (in ₹)?
29. 29.A small business selling jute bags had a revenue of ₹2655 and a profit of ₹255. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
31. 31.A small business selling glasses of chai had a revenue of ₹420 and a profit of ₹60. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
33. 33.A small business sells 58 jute bags at ₹10 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) owned by shareholders
35. 35.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
36. 36.A small business sells 35 jute bags at ₹35 each. Its costs are ₹1110. What is its profit (in ₹)?
37. 37.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner keeps all profit (d) owners’ risk is limited
38. 38.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
39. 39.A small business sells 11 friendship bands at ₹50 each. What is its revenue (in ₹)?
40. 40.A small business sells 22 bags of popcorn at ₹20 each. What is its revenue (in ₹)?

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