Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 132 · 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.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) owned by shareholders
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
4. 4.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) owner owes the debts
7. 7.A small business sells 34 friendship bands at ₹15 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
9. 9.A small business sells 34 clay diyas at ₹25 each. Its costs are ₹260. What is its profit (in ₹)?
10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
11. 11.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owned by shareholders (d) owner keeps all profit
12. 12.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
13. 13.A small business sells 19 handmade cards at ₹5 each. What is its revenue (in ₹)?
14. 14.A small business selling painted pebbles had a revenue of ₹145 and a profit of ₹75. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
16. 16.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
17. 17.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) one owner runs it
19. 19.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
20. 20.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
22. 22.A small business selling paper bookmarks had a revenue of ₹1250 and a profit of ₹360. What were its costs (in ₹)?
23. 23.A small business selling jute bags had a revenue of ₹560 and a profit of ₹50. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
25. 25.A small business selling jute bags had a revenue of ₹1530 and a profit of ₹940. What were its costs (in ₹)?
26. 26.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
27. 27.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
28. 28.A small business selling friendship bands had a revenue of ₹1770 and a profit of ₹820. What were its costs (in ₹)?
29. 29.A small business sells 47 friendship bands at ₹10 each. What is its revenue (in ₹)?
30. 30.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
31. 31.True or false: “owned by shareholders” is true of a company. (a) True (b) False
32. 32.A small business sells 40 friendship bands at ₹40 each. What is its revenue (in ₹)?
33. 33.A small business sells 38 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
34. 34.A small business sells 30 friendship bands at ₹10 each. Its costs are ₹290. What is its profit (in ₹)?
35. 35.📜 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
36. 36.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
37. 37.A small business sells 15 fruit cups at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
38. 38.A small business sells 40 handmade cards at ₹15 each. Its costs are ₹230. What is its profit (in ₹)?
39. 39.A small business sells 10 painted pebbles at ₹25 each. What is its revenue (in ₹)?
40. 40.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True

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