Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 930 · 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: “owner keeps all profit” is true of a sole trader. (a) True (b) False
2. 2.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
3. 3.🎂 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
4. 4.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) one owner runs it (d) simplest to start
5. 5.A small business sells 47 jute bags at ₹45 each. Its costs are ₹420. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
9. 9.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
10. 10.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
11. 11.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
12. 12.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
13. 13.A small business sells 12 clay diyas at ₹35 each. Its costs are ₹300. What is its profit (in ₹)?
14. 14.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
16. 16.A small business sells 14 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
17. 17.True or false: “a separate legal body” is true of a company. (a) False (b) True
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) simplest to start
19. 19.A small business sells 23 jute bags at ₹40 each. What is its revenue (in ₹)?
20. 20.A small business sells 57 glasses of chai at ₹35 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner owes the debts
22. 22.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
23. 23.A small business sells 37 paper bookmarks at ₹50 each. Its costs are ₹800. What is its profit (in ₹)?
24. 24.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
25. 25.A small business sells 48 potted plants at ₹15 each. Its costs are ₹400. What is its profit (in ₹)?
26. 26.A small business sells 22 painted pebbles at ₹25 each. Its costs are ₹420. What is its profit (in ₹)?
27. 27.A small business sells 37 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
28. 28.True or false: “one owner runs it” is true of a company. (a) True (b) False
29. 29.A small business sells 45 painted pebbles at ₹35 each. Its costs are ₹200. What is its profit (in ₹)?
30. 30.A small business sells 44 painted pebbles at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
32. 32.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
33. 33.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
34. 34.True or false: “run by directors” is true of a sole trader. (a) False (b) True
35. 35.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
36. 36.A small business sells 40 glasses of chai at ₹45 each. Its costs are ₹800. What is its profit (in ₹)?
37. 37.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 27 handmade cards at ₹30 each. What is its revenue (in ₹)?
39. 39.A small business sells 57 cups of lemonade at ₹45 each. Its costs are ₹1540. What is its profit (in ₹)?
40. 40.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) one owner runs it

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