Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 901 · 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 small business sells 45 painted pebbles at ₹35 each. Its costs are ₹820. What is its profit (in ₹)?
2. 2.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
3. 3.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
4. 4.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
5. 5.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
6. 6.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
7. 7.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) owner owes the debts (d) one owner runs it
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
9. 9.True or false: “one owner runs it” is true of a company. (a) True (b) False
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) run by directors (d) a separate legal body
11. 11.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
12. 12.True or false: “owned by shareholders” is true of a company. (a) False (b) True
13. 13.📜 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
14. 14.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
15. 15.A small business selling glasses of chai had a revenue of ₹1470 and a profit of ₹1460. What were its costs (in ₹)?
16. 16.A small business sells 11 glasses of chai at ₹50 each. What is its revenue (in ₹)?
17. 17.A small business selling friendship bands had a revenue of ₹480 and a profit of ₹420. What were its costs (in ₹)?
18. 18.A small business selling cups of lemonade had a revenue of ₹330 and a profit of ₹210. What were its costs (in ₹)?
19. 19.A small business sells 27 glasses of chai at ₹30 each. Its costs are ₹790. What is its profit (in ₹)?
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
21. 21.A small business sells 42 potted plants at ₹45 each. Its costs are ₹1030. What is its profit (in ₹)?
22. 22.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
23. 23.A small business sells 53 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
24. 24.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
25. 25.A small business sells 54 glasses of chai at ₹10 each. What is its revenue (in ₹)?
26. 26.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner keeps all profit (d) simplest to start
27. 27.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
28. 28.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
29. 29.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
30. 30.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
31. 31.A small business sells 23 potted plants at ₹10 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
33. 33.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
34. 34.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
35. 35.A small business selling paper bookmarks had a revenue of ₹280 and a profit of ₹50. What were its costs (in ₹)?
36. 36.A small business sells 55 clay diyas at ₹30 each. What is its revenue (in ₹)?
37. 37.A small business selling handmade cards had a revenue of ₹1050 and a profit of ₹730. What were its costs (in ₹)?
38. 38.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) owners’ risk is limited
39. 39.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
40. 40.A small business sells 47 bags of popcorn at ₹40 each. Its costs are ₹470. What is its profit (in ₹)?

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