Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 832 · 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.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
2. 2.A small business selling cups of lemonade had a revenue of ₹805 and a profit of ₹605. What were its costs (in ₹)?
3. 3.A small business sells 24 handmade cards at ₹35 each. What is its revenue (in ₹)?
4. 4.True or false: “owner owes the debts” is true of a company. (a) False (b) True
5. 5.True or false: “run by directors” is true of a company. (a) False (b) True
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
8. 8.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) a separate legal body
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
11. 11.A small business selling friendship bands had a revenue of ₹780 and a profit of ₹430. What were its costs (in ₹)?
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
16. 16.A small business sells 53 handmade cards at ₹25 each. What is its revenue (in ₹)?
17. 17.True or false: “simplest to start” is true of a company. (a) True (b) False
18. 18.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
19. 19.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) a separate legal body
20. 20.A small business sells 31 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
21. 21.A small business selling handmade cards had a revenue of ₹550 and a profit of ₹300. What were its costs (in ₹)?
22. 22.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner keeps all profit (d) run by directors
24. 24.A small business sells 14 jute bags at ₹40 each. What is its revenue (in ₹)?
25. 25.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
26. 26.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
27. 27.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
28. 28.A small business sells 26 glasses of chai at ₹5 each. What is its revenue (in ₹)?
29. 29.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
30. 30.A small business sells 34 friendship bands at ₹15 each. Its costs are ₹150. What is its profit (in ₹)?
31. 31.A small business sells 43 jute bags at ₹50 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) run by directors
33. 33.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
34. 34.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
35. 35.True or false: “one owner runs it” is true of a company. (a) False (b) True
36. 36.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
37. 37.A small business sells 23 painted pebbles at ₹30 each. What is its revenue (in ₹)?
38. 38.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
39. 39.A small business sells 18 paper bookmarks at ₹40 each. Its costs are ₹710. What is its profit (in ₹)?
40. 40.A small business sells 27 bags of popcorn at ₹20 each. What is its revenue (in ₹)?

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