Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 988 · 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.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
2. 2.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
3. 3.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
4. 4.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
5. 5.True or false: “run by directors” is true of a company. (a) True (b) False
6. 6.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
7. 7.A small business sells 29 jute bags at ₹20 each. What is its revenue (in ₹)?
8. 8.A small business selling clay diyas had a revenue of ₹660 and a profit of ₹150. What were its costs (in ₹)?
9. 9.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
10. 10.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
12. 12.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
13. 13.A small business sells 46 painted pebbles at ₹50 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
16. 16.A small business selling jute bags had a revenue of ₹1100 and a profit of ₹340. What were its costs (in ₹)?
17. 17.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
18. 18.A small business selling potted plants had a revenue of ₹225 and a profit of ₹105. What were its costs (in ₹)?
19. 19.A small business selling cups of lemonade had a revenue of ₹1470 and a profit of ₹1390. What were its costs (in ₹)?
20. 20.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
21. 21.A small business selling paper bookmarks had a revenue of ₹750 and a profit of ₹80. What were its costs (in ₹)?
22. 22.A small business sells 39 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
23. 23.A small business selling paper bookmarks had a revenue of ₹1240 and a profit of ₹270. What were its costs (in ₹)?
24. 24.A small business sells 56 cups of lemonade at ₹20 each. Its costs are ₹230. What is its profit (in ₹)?
25. 25.A small business sells 30 friendship bands at ₹40 each. Its costs are ₹780. What is its profit (in ₹)?
26. 26.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
27. 27.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
28. 28.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner owes the debts
29. 29.A small business sells 44 cupcakes at ₹25 each. Its costs are ₹1040. What is its profit (in ₹)?
30. 30.A small business sells 25 jute bags at ₹10 each. Its costs are ₹210. What is its profit (in ₹)?
31. 31.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
32. 32.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) a separate legal body
33. 33.A small business selling cups of lemonade had a revenue of ₹840 and a profit of ₹590. What were its costs (in ₹)?
34. 34.A small business selling cups of lemonade had a revenue of ₹600 and a profit of ₹70. What were its costs (in ₹)?
35. 35.A small business sells 53 painted pebbles at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
36. 36.True or false: “owner owes the debts” is true of a company. (a) True (b) False
37. 37.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
38. 38.A small business sells 19 handmade cards at ₹40 each. Its costs are ₹470. What is its profit (in ₹)?
39. 39.A small business sells 14 clay diyas at ₹50 each. What is its revenue (in ₹)?
40. 40.📊 Revenue or profit: left after all costs? (a) revenue (b) profit

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