Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 165 · 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.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
2. 2.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
3. 3.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
4. 4.A small business selling painted pebbles had a revenue of ₹1320 and a profit of ₹510. What were its costs (in ₹)?
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
6. 6.A small business sells 13 potted plants at ₹40 each. Its costs are ₹320. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
9. 9.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
10. 10.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
11. 11.A small business sells 17 cupcakes at ₹40 each. What is its revenue (in ₹)?
12. 12.A small business selling cups of lemonade had a revenue of ₹720 and a profit of ₹700. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
15. 15.A small business selling cupcakes had a revenue of ₹255 and a profit of ₹145. What were its costs (in ₹)?
16. 16.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
17. 17.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
18. 18.True or false: “one owner runs it” is true of a company. (a) False (b) True
19. 19.A small business sells 29 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
20. 20.A small business sells 28 cupcakes at ₹5 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
22. 22.A small business selling handmade cards had a revenue of ₹735 and a profit of ₹215. What were its costs (in ₹)?
23. 23.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) owners’ risk is limited
26. 26.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
27. 27.A small business sells 22 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
29. 29.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
30. 30.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
31. 31.A small business selling handmade cards had a revenue of ₹260 and a profit of ₹140. What were its costs (in ₹)?
32. 32.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
33. 33.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
34. 34.A small business sells 22 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
35. 35.A small business sells 51 cups of lemonade at ₹50 each. Its costs are ₹270. What is its profit (in ₹)?
36. 36.A small business sells 43 painted pebbles at ₹10 each. What is its revenue (in ₹)?
37. 37.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
38. 38.A small business sells 38 clay diyas at ₹25 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
40. 40.A small business selling clay diyas had a revenue of ₹285 and a profit of ₹165. What were its costs (in ₹)?

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