Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 149 · 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.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts
3. 3.A small business sells 57 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) one owner runs it (d) owned by shareholders
5. 5.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
6. 6.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
7. 7.A small business sells 34 glasses of chai at ₹40 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
9. 9.A small business sells 52 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
12. 12.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
13. 13.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
14. 14.A small business sells 50 cups of lemonade at ₹45 each. Its costs are ₹830. What is its profit (in ₹)?
15. 15.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
16. 16.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) run by directors (d) owner owes the debts
17. 17.A small business sells 30 cupcakes at ₹25 each. What is its revenue (in ₹)?
18. 18.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
19. 19.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
20. 20.A small business selling cupcakes had a revenue of ₹885 and a profit of ₹855. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
22. 22.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
23. 23.True or false: “one owner runs it” is true of a company. (a) False (b) True
24. 24.A small business selling glasses of chai had a revenue of ₹110 and a profit of ₹100. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.True or false: “simplest to start” is true of a company. (a) True (b) False
27. 27.A small business sells 38 jute bags at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
28. 28.A small business sells 26 jute bags at ₹5 each. What is its revenue (in ₹)?
29. 29.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
30. 30.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) owned by shareholders
31. 31.A small business sells 49 glasses of chai at ₹15 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
33. 33.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
34. 34.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
35. 35.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
36. 36.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
37. 37.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
38. 38.True or false: “owner owes the debts” is true of a company. (a) True (b) False
39. 39.A small business selling fruit cups had a revenue of ₹650 and a profit of ₹460. What were its costs (in ₹)?
40. 40.A small business selling bags of popcorn had a revenue of ₹220 and a profit of ₹30. What were its costs (in ₹)?

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