Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 919 · 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.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
2. 2.🎂 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
3. 3.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) a separate legal body
5. 5.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
6. 6.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
7. 7.📜 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
8. 8.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
9. 9.A small business selling jute bags had a revenue of ₹900 and a profit of ₹560. What were its costs (in ₹)?
10. 10.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
11. 11.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) one owner runs it
12. 12.A small business selling cups of lemonade had a revenue of ₹2100 and a profit of ₹1840. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
14. 14.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
15. 15.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
16. 16.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
17. 17.A small business selling bags of popcorn had a revenue of ₹290 and a profit of ₹230. What were its costs (in ₹)?
18. 18.A small business sells 59 painted pebbles at ₹5 each. What is its revenue (in ₹)?
19. 19.A small business sells 17 painted pebbles at ₹25 each. What is its revenue (in ₹)?
20. 20.A small business selling cups of lemonade had a revenue of ₹2250 and a profit of ₹1950. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
22. 22.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
23. 23.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
24. 24.A small business sells 31 painted pebbles at ₹20 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
26. 26.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
27. 27.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
28. 28.A small business sells 51 clay diyas at ₹40 each. Its costs are ₹1700. What is its profit (in ₹)?
29. 29.True or false: “owner owes the debts” is true of a company. (a) True (b) False
30. 30.A small business selling clay diyas had a revenue of ₹330 and a profit of ₹270. What were its costs (in ₹)?
31. 31.True or false: “a separate legal body” is true of a company. (a) True (b) False
32. 32.A small business sells 35 clay diyas at ₹35 each. Its costs are ₹280. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
34. 34.A small business sells 16 friendship bands at ₹25 each. What is its revenue (in ₹)?
35. 35.A small business sells 21 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 16 fruit cups at ₹45 each. What is its revenue (in ₹)?
38. 38.A small business sells 30 cups of lemonade at ₹15 each. Its costs are ₹50. What is its profit (in ₹)?
39. 39.A small business sells 60 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
40. 40.A small business sells 36 glasses of chai at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?

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