Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 931 · 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.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
2. 2.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) run by directors (d) owner owes the debts
3. 3.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
4. 4.A small business sells 37 bags of popcorn at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.True or false: “simplest to start” is true of a company. (a) False (b) True
7. 7.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
8. 8.A small business sells 54 potted plants at ₹40 each. What is its revenue (in ₹)?
9. 9.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
11. 11.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
12. 12.True or false: “run by directors” is true of a sole trader. (a) False (b) True
13. 13.A small business sells 38 bags of popcorn at ₹10 each. Its costs are ₹280. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
15. 15.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
16. 16.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
17. 17.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
18. 18.A small business selling glasses of chai had a revenue of ₹300 and a profit of ₹240. What were its costs (in ₹)?
19. 19.A small business sells 18 friendship bands at ₹20 each. Its costs are ₹280. What is its profit (in ₹)?
20. 20.A small business selling painted pebbles had a revenue of ₹420 and a profit of ₹340. What were its costs (in ₹)?
21. 21.A small business sells 23 fruit cups at ₹20 each. Its costs are ₹70. What is its profit (in ₹)?
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.A small business selling fruit cups had a revenue of ₹240 and a profit of ₹160. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
27. 27.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
28. 28.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owned by shareholders
29. 29.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
30. 30.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
31. 31.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
32. 32.True or false: “run by directors” is true of a company. (a) False (b) True
33. 33.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
34. 34.True or false: “one owner runs it” 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.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
37. 37.A small business selling cups of lemonade had a revenue of ₹1350 and a profit of ₹100. What were its costs (in ₹)?
38. 38.A small business selling jute bags had a revenue of ₹1820 and a profit of ₹230. What were its costs (in ₹)?
39. 39.A small business selling cupcakes had a revenue of ₹200 and a profit of ₹150. What were its costs (in ₹)?
40. 40.📊 Revenue or profit: all money from sales? (a) profit (b) revenue

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