Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 138 · 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.True or false: “owner owes the debts” is true of a company. (a) False (b) True
2. 2.A small business selling painted pebbles had a revenue of ₹1550 and a profit of ₹220. What were its costs (in ₹)?
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) run by directors (d) owners’ risk is limited
4. 4.True or false: “a separate legal body” is true of a company. (a) False (b) True
5. 5.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
7. 7.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
8. 8.A small business sells 31 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
9. 9.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
10. 10.True or false: “run by directors” is true of a sole trader. (a) True (b) False
11. 11.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
12. 12.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
13. 13.A small business sells 34 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
14. 14.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
16. 16.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
17. 17.A small business sells 34 glasses of chai at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) run by directors
19. 19.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
20. 20.A small business sells 48 glasses of chai at ₹20 each. What is its revenue (in ₹)?
21. 21.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
22. 22.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
23. 23.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
25. 25.A small business selling jute bags had a revenue of ₹750 and a profit of ₹230. What were its costs (in ₹)?
26. 26.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) run by directors
27. 27.A small business sells 47 friendship bands at ₹30 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
29. 29.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
30. 30.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
31. 31.A small business sells 31 clay diyas at ₹45 each. Its costs are ₹680. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
33. 33.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
34. 34.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
35. 35.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
36. 36.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) owners’ risk is limited
37. 37.A small business sells 32 glasses of chai at ₹40 each. Its costs are ₹210. What is its profit (in ₹)?
38. 38.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
39. 39.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
40. 40.A small business sells 25 cups of lemonade at ₹35 each. What is its revenue (in ₹)?

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