Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 996 · 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.A small business sells 25 fruit cups at ₹25 each. Its costs are ₹60. What is its profit (in ₹)?
2. 2.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
3. 3.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
5. 5.True or false: “owned by shareholders” is true of a company. (a) True (b) False
6. 6.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
7. 7.A small business sells 54 clay diyas at ₹15 each. What is its revenue (in ₹)?
8. 8.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
9. 9.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
10. 10.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
11. 11.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
12. 12.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
13. 13.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
15. 15.A small business selling jute bags had a revenue of ₹560 and a profit of ₹360. What were its costs (in ₹)?
16. 16.True or false: “owner owes the debts” is true of a company. (a) True (b) False
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) simplest to start
18. 18.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
19. 19.A small business sells 38 potted plants at ₹35 each. Its costs are ₹50. What is its profit (in ₹)?
20. 20.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
21. 21.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
22. 22.A small business sells 45 clay diyas at ₹15 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) a separate legal body
24. 24.True or false: “run by directors” is true of a sole trader. (a) True (b) False
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
26. 26.A small business sells 24 cupcakes at ₹50 each. What is its revenue (in ₹)?
27. 27.A small business selling painted pebbles had a revenue of ₹520 and a profit of ₹450. What were its costs (in ₹)?
28. 28.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
29. 29.A small business sells 53 jute bags at ₹40 each. Its costs are ₹540. What is its profit (in ₹)?
30. 30.A small business sells 37 friendship bands at ₹15 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) run by directors
32. 32.A small business selling handmade cards had a revenue of ₹1350 and a profit of ₹640. What were its costs (in ₹)?
33. 33.A small business sells 12 painted pebbles at ₹5 each. What is its revenue (in ₹)?
34. 34.📜 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
35. 35.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
36. 36.A small business selling friendship bands had a revenue of ₹390 and a profit of ₹70. What were its costs (in ₹)?
37. 37.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) run by directors
38. 38.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
39. 39.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
40. 40.A small business sells 60 potted plants at ₹20 each. What is its revenue (in ₹)?

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