Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 879 · 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: run by directors? (a) a company (b) a sole trader
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
4. 4.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
5. 5.A small business selling paper bookmarks had a revenue of ₹920 and a profit of ₹480. What were its costs (in ₹)?
6. 6.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
7. 7.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
8. 8.True or false: “run by directors” is true of a sole trader. (a) True (b) False
9. 9.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
10. 10.A small business selling paper bookmarks had a revenue of ₹2550 and a profit of ₹2250. What were its costs (in ₹)?
11. 11.A small business selling paper bookmarks had a revenue of ₹725 and a profit of ₹675. What were its costs (in ₹)?
12. 12.A small business selling cups of lemonade had a revenue of ₹870 and a profit of ₹420. What were its costs (in ₹)?
13. 13.A small business selling handmade cards had a revenue of ₹1980 and a profit of ₹1720. What were its costs (in ₹)?
14. 14.A small business sells 60 clay diyas at ₹35 each. What is its revenue (in ₹)?
15. 15.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
16. 16.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) owned by shareholders
17. 17.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
18. 18.True or false: “one owner runs it” is true of a company. (a) True (b) False
19. 19.A small business sells 45 clay diyas at ₹30 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
21. 21.True or false: “simplest to start” is true of a company. (a) True (b) False
22. 22.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) simplest to start
23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
24. 24.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
25. 25.A small business sells 32 potted plants at ₹15 each. What is its revenue (in ₹)?
26. 26.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
27. 27.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
28. 28.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) one owner runs it
29. 29.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
30. 30.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
31. 31.A small business sells 36 jute bags at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?
32. 32.A small business selling cups of lemonade had a revenue of ₹1000 and a profit of ₹640. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
34. 34.A small business selling cupcakes had a revenue of ₹765 and a profit of ₹85. What were its costs (in ₹)?
35. 35.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
36. 36.A small business sells 59 bags of popcorn at ₹30 each. Its costs are ₹600. What is its profit (in ₹)?
37. 37.A small business sells 36 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
38. 38.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
39. 39.A small business sells 57 cupcakes at ₹20 each. What is its revenue (in ₹)?
40. 40.A small business sells 22 jute bags at ₹25 each. What is its revenue (in ₹)?

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