Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 839 · 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.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
2. 2.A small business sells 35 friendship bands at ₹5 each. Its costs are ₹140. What is its profit (in ₹)?
3. 3.A small business sells 27 jute bags at ₹20 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
5. 5.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
6. 6.A small business sells 46 clay diyas at ₹20 each. What is its revenue (in ₹)?
7. 7.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
8. 8.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
9. 9.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
10. 10.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner keeps all profit (d) owner owes the debts
11. 11.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
13. 13.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
14. 14.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) run by directors
15. 15.A small business sells 48 handmade cards at ₹20 each. Its costs are ₹420. What is its profit (in ₹)?
16. 16.True or false: “run by directors” is true of a company. (a) True (b) False
17. 17.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
18. 18.A small business sells 14 clay diyas at ₹15 each. What is its revenue (in ₹)?
19. 19.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
20. 20.A small business sells 52 cups of lemonade at ₹15 each. Its costs are ₹70. What is its profit (in ₹)?
21. 21.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) a separate legal body (d) owner keeps all profit
22. 22.A small business sells 40 handmade cards at ₹20 each. Its costs are ₹780. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
24. 24.A small business sells 39 friendship bands at ₹25 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
26. 26.True or false: “owner owes the debts” is true of a company. (a) False (b) True
27. 27.📜 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
28. 28.A small business sells 55 cups of lemonade at ₹15 each. Its costs are ₹800. What is its profit (in ₹)?
29. 29.A small business sells 50 clay diyas at ₹45 each. What is its revenue (in ₹)?
30. 30.A small business sells 23 fruit cups at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
31. 31.True or false: “owned by shareholders” is true of a company. (a) False (b) True
32. 32.A small business selling cups of lemonade had a revenue of ₹180 and a profit of ₹110. What were its costs (in ₹)?
33. 33.A small business selling bags of popcorn had a revenue of ₹1400 and a profit of ₹1280. What were its costs (in ₹)?
34. 34.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
35. 35.A small business sells 20 handmade cards at ₹15 each. Its costs are ₹200. What is its profit (in ₹)?
36. 36.Which of these is true of a company? (a) run by directors (b) simplest to start (c) one owner runs it (d) owner owes the debts
37. 37.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
38. 38.A small business sells 50 handmade cards at ₹20 each. Its costs are ₹720. What is its profit (in ₹)?
39. 39.A small business sells 35 potted plants at ₹35 each. Its costs are ₹580. What is its profit (in ₹)?
40. 40.A small business selling handmade cards had a revenue of ₹2550 and a profit of ₹1160. What were its costs (in ₹)?

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