Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 977 · 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.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.A small business sells 24 cups of lemonade at ₹10 each. Its costs are ₹230. What is its profit (in ₹)?
5. 5.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
6. 6.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
7. 7.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
8. 8.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
9. 9.A small business sells 26 handmade cards at ₹50 each. What is its revenue (in ₹)?
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) owned by shareholders
11. 11.True or false: “owned by shareholders” is true of a company. (a) False (b) True
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.A small business sells 51 bags of popcorn at ₹20 each. Its costs are ₹580. What is its profit (in ₹)?
14. 14.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
16. 16.A small business sells 55 fruit cups at ₹15 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) run by directors
19. 19.A small business sells 33 friendship bands at ₹40 each. What is its revenue (in ₹)?
20. 20.True or false: “a separate legal body” is true of a company. (a) False (b) True
21. 21.A small business sells 31 handmade cards at ₹5 each. Its costs are ₹100. 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) owner keeps all profit (d) owners’ risk is limited
23. 23.A small business sells 31 cupcakes at ₹50 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
25. 25.A small business selling friendship bands had a revenue of ₹1505 and a profit of ₹945. What were its costs (in ₹)?
26. 26.A small business sells 53 fruit cups at ₹50 each. What is its revenue (in ₹)?
27. 27.True or false: “one owner runs it” is true of a company. (a) True (b) False
28. 28.A small business selling friendship bands had a revenue of ₹600 and a profit of ₹500. What were its costs (in ₹)?
29. 29.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
31. 31.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) run by directors
32. 32.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) one owner runs it
33. 33.A small business sells 23 jute bags at ₹25 each. What is its revenue (in ₹)?
34. 34.A small business sells 59 fruit cups at ₹15 each. What is its revenue (in ₹)?
35. 35.A small business sells 20 glasses of chai at ₹40 each. What is its revenue (in ₹)?
36. 36.A small business selling cupcakes had a revenue of ₹740 and a profit of ₹660. What were its costs (in ₹)?
37. 37.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner owes the debts (d) owner keeps all profit
38. 38.A small business sells 55 handmade cards at ₹15 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False

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