Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 159 · 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.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) run by directors
3. 3.A small business selling fruit cups had a revenue of ₹190 and a profit of ₹30. What were its costs (in ₹)?
4. 4.A small business selling potted plants had a revenue of ₹3000 and a profit of ₹720. What were its costs (in ₹)?
5. 5.A small business sells 31 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
6. 6.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
7. 7.A small business sells 40 painted pebbles at ₹10 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
9. 9.A small business sells 28 bags of popcorn at ₹25 each. Its costs are ₹130. What is its profit (in ₹)?
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
11. 11.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner owes the debts
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
13. 13.A small business selling cupcakes had a revenue of ₹1100 and a profit of ₹550. What were its costs (in ₹)?
14. 14.True or false: “simplest to start” is true of a company. (a) True (b) False
15. 15.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) simplest to start
16. 16.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
17. 17.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
18. 18.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
19. 19.True or false: “owned by shareholders” is true of a company. (a) True (b) False
20. 20.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owned by shareholders
21. 21.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
22. 22.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
23. 23.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
24. 24.A small business sells 42 friendship bands at ₹10 each. Its costs are ₹160. What is its profit (in ₹)?
25. 25.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) run by directors
26. 26.A small business sells 10 paper bookmarks at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
27. 27.A small business selling painted pebbles had a revenue of ₹680 and a profit of ₹140. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
29. 29.A small business sells 14 friendship bands at ₹40 each. Its costs are ₹130. What is its profit (in ₹)?
30. 30.A small business selling cupcakes had a revenue of ₹285 and a profit of ₹115. What were its costs (in ₹)?
31. 31.A small business selling friendship bands had a revenue of ₹740 and a profit of ₹30. What were its costs (in ₹)?
32. 32.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
33. 33.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
34. 34.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
35. 35.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
36. 36.A small business selling friendship bands had a revenue of ₹175 and a profit of ₹135. What were its costs (in ₹)?
37. 37.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
38. 38.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
39. 39.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
40. 40.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit

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