Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 924 · 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: “a separate legal body” is true of a company. (a) False (b) True
2. 2.A small business selling handmade cards had a revenue of ₹775 and a profit of ₹65. What were its costs (in ₹)?
3. 3.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
4. 4.A small business sells 11 bags of popcorn at ₹40 each. Its costs are ₹50. What is its profit (in ₹)?
5. 5.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
6. 6.A small business sells 53 paper bookmarks at ₹50 each. Its costs are ₹20. What is its profit (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) run by directors
8. 8.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
9. 9.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) a separate legal body
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
12. 12.True or false: “run by directors” is true of a company. (a) False (b) True
13. 13.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
15. 15.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
16. 16.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
17. 17.📜 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
18. 18.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
19. 19.A small business sells 40 potted plants at ₹45 each. Its costs are ₹1020. What is its profit (in ₹)?
20. 20.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
21. 21.A small business sells 29 handmade cards at ₹40 each. Its costs are ₹330. What is its profit (in ₹)?
22. 22.A small business sells 26 fruit cups at ₹5 each. What is its revenue (in ₹)?
23. 23.A small business sells 30 glasses of chai at ₹30 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) a separate legal body (d) run by directors
25. 25.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
26. 26.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
27. 27.🎂 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
28. 28.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
29. 29.A small business sells 38 friendship bands at ₹15 each. What is its revenue (in ₹)?
30. 30.A small business sells 28 clay diyas at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
31. 31.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
32. 32.True or false: “run by directors” is true of a sole trader. (a) False (b) True
33. 33.A small business sells 54 clay diyas at ₹40 each. What is its revenue (in ₹)?
34. 34.A small business sells 15 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
35. 35.A small business sells 30 paper bookmarks at ₹50 each. Its costs are ₹600. What is its profit (in ₹)?
36. 36.A small business sells 60 painted pebbles at ₹50 each. Its costs are ₹1750. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
38. 38.A small business selling glasses of chai had a revenue of ₹900 and a profit of ₹530. What were its costs (in ₹)?
39. 39.A small business sells 52 clay diyas at ₹50 each. Its costs are ₹2140. What is its profit (in ₹)?
40. 40.📊 Revenue or profit: price × number sold? (a) profit (b) revenue

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