Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 826 · 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.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.A small business sells 45 clay diyas at ₹25 each. Its costs are ₹1110. What is its profit (in ₹)?
4. 4.A small business sells 52 cupcakes at ₹30 each. Its costs are ₹1500. What is its profit (in ₹)?
5. 5.A small business sells 24 painted pebbles at ₹35 each. Its costs are ₹480. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
7. 7.A small business selling glasses of chai had a revenue of ₹105 and a profit of ₹75. What were its costs (in ₹)?
8. 8.A small business sells 33 glasses of chai at ₹20 each. What is its revenue (in ₹)?
9. 9.True or false: “simplest to start” is true of a company. (a) False (b) True
10. 10.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner owes the debts (d) one owner runs it
11. 11.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
15. 15.A small business sells 16 glasses of chai at ₹20 each. What is its revenue (in ₹)?
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) owners’ risk is limited (d) run by directors
18. 18.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
20. 20.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
21. 21.A small business sells 37 paper bookmarks at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
22. 22.A small business selling friendship bands had a revenue of ₹1470 and a profit of ₹630. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
24. 24.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner owes the debts (d) owner keeps all profit
25. 25.A small business sells 15 jute bags at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
26. 26.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) run by directors
28. 28.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
29. 29.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
30. 30.True or false: “a separate legal body” is true of a company. (a) False (b) True
31. 31.A small business sells 46 cupcakes at ₹15 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
33. 33.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) simplest to start
34. 34.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
35. 35.A small business sells 57 painted pebbles at ₹40 each. What is its revenue (in ₹)?
36. 36.A small business sells 58 cups of lemonade at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
37. 37.A small business sells 39 clay diyas at ₹10 each. What is its revenue (in ₹)?
38. 38.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) simplest to start
39. 39.True or false: “owned by shareholders” is true of a company. (a) False (b) True
40. 40.A small business selling handmade cards had a revenue of ₹1360 and a profit of ₹370. What were its costs (in ₹)?

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