Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 844 · 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 big company (b) a school club (c) a bank (d) a one-owner business
2. 2.True or false: “run by directors” is true of a company. (a) False (b) True
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.A small business sells 46 bags of popcorn at ₹15 each. Its costs are ₹580. What is its profit (in ₹)?
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) owner owes the debts
6. 6.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
7. 7.A small business sells 26 cupcakes at ₹50 each. What is its revenue (in ₹)?
8. 8.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
9. 9.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
10. 10.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner owes the debts (d) owner keeps all profit
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
12. 12.A small business sells 14 handmade cards at ₹25 each. Its costs are ₹190. What is its profit (in ₹)?
13. 13.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
14. 14.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
15. 15.A small business sells 28 friendship bands at ₹50 each. Its costs are ₹1160. What is its profit (in ₹)?
16. 16.A small business selling paper bookmarks had a revenue of ₹870 and a profit of ₹690. What were its costs (in ₹)?
17. 17.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
18. 18.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
19. 19.A small business sells 56 jute bags at ₹50 each. What is its revenue (in ₹)?
20. 20.A small business selling cups of lemonade had a revenue of ₹160 and a profit of ₹140. What were its costs (in ₹)?
21. 21.A small business sells 59 potted plants at ₹25 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
23. 23.True or false: “one owner runs it” is true of a company. (a) True (b) False
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
25. 25.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
26. 26.A small business sells 43 handmade cards at ₹10 each. What is its revenue (in ₹)?
27. 27.True or false: “simplest to start” is true of a company. (a) True (b) False
28. 28.A small business sells 40 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
29. 29.True or false: “run by directors” is true of a sole trader. (a) True (b) False
30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
31. 31.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
32. 32.A small business selling potted plants had a revenue of ₹300 and a profit of ₹250. What were its costs (in ₹)?
33. 33.A small business sells 10 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) simplest to start (d) owner keeps all profit
35. 35.A small business sells 36 glasses of chai at ₹45 each. Its costs are ₹890. What is its profit (in ₹)?
36. 36.📜 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
37. 37.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
38. 38.A small business sells 24 handmade cards at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
39. 39.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
40. 40.A small business sells 42 glasses of chai at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?

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