Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 871 · 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.True or false: “simplest to start” is true of a company. (a) True (b) False
2. 2.A small business sells 48 painted pebbles at ₹20 each. Its costs are ₹570. What is its profit (in ₹)?
3. 3.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
4. 4.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
5. 5.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
6. 6.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
7. 7.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
8. 8.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
9. 9.A small business selling bags of popcorn had a revenue of ₹1170 and a profit of ₹850. What were its costs (in ₹)?
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) owner owes the debts
11. 11.A small business sells 56 painted pebbles at ₹10 each. What is its revenue (in ₹)?
12. 12.A small business sells 11 handmade cards at ₹35 each. What is its revenue (in ₹)?
13. 13.A small business sells 33 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
14. 14.A small business sells 17 fruit cups at ₹45 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) owned by shareholders
16. 16.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
17. 17.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
19. 19.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
20. 20.A small business selling clay diyas had a revenue of ₹760 and a profit of ₹550. What were its costs (in ₹)?
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
22. 22.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit
23. 23.True or false: “owner owes the debts” is true of a company. (a) True (b) False
24. 24.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
25. 25.A small business selling cupcakes had a revenue of ₹1740 and a profit of ₹1600. What were its costs (in ₹)?
26. 26.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
27. 27.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
28. 28.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) run by directors
29. 29.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
30. 30.A small business sells 54 fruit cups at ₹15 each. What is its revenue (in ₹)?
31. 31.A small business sells 17 friendship bands at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
32. 32.A small business sells 33 jute bags at ₹10 each. What is its revenue (in ₹)?
33. 33.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
34. 34.A small business sells 30 friendship bands at ₹50 each. What is its revenue (in ₹)?
35. 35.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
36. 36.True or false: “run by directors” is true of a sole trader. (a) True (b) False
37. 37.A small business sells 24 cupcakes at ₹25 each. Its costs are ₹40. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
39. 39.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 43 clay diyas at ₹20 each. Its costs are ₹520. What is its profit (in ₹)?

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