Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 142 · 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: “a separate legal body” is true of a sole trader. (a) False (b) True
2. 2.A small business sells 59 clay diyas at ₹20 each. What is its revenue (in ₹)?
3. 3.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
4. 4.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
5. 5.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
7. 7.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
8. 8.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
9. 9.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
10. 10.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
11. 11.A small business sells 37 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
13. 13.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
14. 14.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
15. 15.A small business selling bags of popcorn had a revenue of ₹1425 and a profit of ₹985. What were its costs (in ₹)?
16. 16.A small business sells 54 cups of lemonade at ₹45 each. Its costs are ₹1930. What is its profit (in ₹)?
17. 17.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
18. 18.A small business sells 22 friendship bands at ₹40 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) a separate legal body
20. 20.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
21. 21.True or false: “a separate legal body” is true of a company. (a) True (b) False
22. 22.A small business selling potted plants had a revenue of ₹1750 and a profit of ₹110. What were its costs (in ₹)?
23. 23.A small business sells 35 clay diyas at ₹30 each. Its costs are ₹250. What is its profit (in ₹)?
24. 24.A small business sells 55 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
25. 25.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
27. 27.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
28. 28.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
29. 29.A small business selling potted plants had a revenue of ₹680 and a profit of ₹510. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
31. 31.A small business selling cups of lemonade had a revenue of ₹1620 and a profit of ₹770. What were its costs (in ₹)?
32. 32.📜 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
33. 33.🎂 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
34. 34.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) run by directors
35. 35.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
36. 36.A small business sells 48 fruit cups at ₹40 each. What is its revenue (in ₹)?
37. 37.A small business sells 27 handmade cards at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
38. 38.A small business sells 56 paper bookmarks at ₹45 each. Its costs are ₹2190. What is its profit (in ₹)?
39. 39.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
40. 40.A small business sells 17 cupcakes at ₹40 each. What is its revenue (in ₹)?

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