Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 14 · 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: owned by shareholders? (a) a company (b) a sole trader
2. 2.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
3. 3.A small business selling potted plants had a revenue of ₹540 and a profit of ₹330. What were its costs (in ₹)?
4. 4.True or false: “owned by shareholders” is true of a company. (a) False (b) True
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) simplest to start (d) a separate legal body
6. 6.True or false: “run by directors” is true of a sole trader. (a) True (b) False
7. 7.A small business selling painted pebbles had a revenue of ₹1440 and a profit of ₹410. What were its costs (in ₹)?
8. 8.A small business selling painted pebbles had a revenue of ₹85 and a profit of ₹25. What were its costs (in ₹)?
9. 9.A small business selling glasses of chai had a revenue of ₹720 and a profit of ₹550. What were its costs (in ₹)?
10. 10.A small business selling potted plants had a revenue of ₹160 and a profit of ₹10. What were its costs (in ₹)?
11. 11.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) one owner runs it
13. 13.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
14. 14.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
15. 15.True or false: “owner owes the debts” is true of a company. (a) True (b) False
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) run by directors
18. 18.True or false: “run by directors” is true of a company. (a) False (b) True
19. 19.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
20. 20.A small business sells 54 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
21. 21.True or false: “simplest to start” is true of a company. (a) True (b) False
22. 22.A small business sells 20 painted pebbles at ₹25 each. Its costs are ₹330. What is its profit (in ₹)?
23. 23.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
24. 24.A small business sells 46 friendship bands at ₹40 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
26. 26.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
28. 28.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
29. 29.True or false: “one owner runs it” is true of a company. (a) False (b) True
30. 30.A small business sells 56 glasses of chai at ₹25 each. What is its revenue (in ₹)?
31. 31.A small business selling jute bags had a revenue of ₹480 and a profit of ₹30. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
33. 33.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
34. 34.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
35. 35.A small business sells 15 jute bags at ₹45 each. Its costs are ₹380. What is its profit (in ₹)?
36. 36.A small business sells 51 cupcakes at ₹5 each. What is its revenue (in ₹)?
37. 37.A small business sells 15 cupcakes at ₹20 each. Its costs are ₹130. What is its profit (in ₹)?
38. 38.A small business sells 53 jute bags at ₹40 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) one owner runs it (d) owner owes the debts
40. 40.A small business sells 24 clay diyas at ₹45 each. What is its revenue (in ₹)?

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