Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 17 · 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: one owner runs it? (a) a company (b) a sole trader
2. 2.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
3. 3.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owned by shareholders (d) run by directors
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) one owner runs it
8. 8.A small business sells 22 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
9. 9.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
10. 10.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
12. 12.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
13. 13.A small business selling cups of lemonade had a revenue of ₹1600 and a profit of ₹430. What were its costs (in ₹)?
14. 14.📜 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
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
16. 16.A small business sells 59 cupcakes at ₹25 each. Its costs are ₹1270. What is its profit (in ₹)?
17. 17.A small business sells 29 cupcakes at ₹40 each. What is its revenue (in ₹)?
18. 18.A small business sells 28 clay diyas at ₹50 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
20. 20.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) simplest to start
21. 21.A small business sells 52 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
22. 22.A small business sells 37 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
23. 23.A small business sells 59 friendship bands at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
25. 25.A small business sells 33 cupcakes at ₹50 each. What is its revenue (in ₹)?
26. 26.True or false: “run by directors” is true of a sole trader. (a) True (b) False
27. 27.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
28. 28.A small business sells 14 friendship bands at ₹40 each. Its costs are ₹10. What is its profit (in ₹)?
29. 29.True or false: “run by directors” is true of a company. (a) True (b) False
30. 30.A small business sells 10 clay diyas at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business selling handmade cards had a revenue of ₹2150 and a profit of ₹350. What were its costs (in ₹)?
32. 32.A small business sells 15 painted pebbles at ₹15 each. What is its revenue (in ₹)?
33. 33.A small business selling cupcakes had a revenue of ₹2850 and a profit of ₹1840. What were its costs (in ₹)?
34. 34.True or false: “owner owes the debts” is true of a company. (a) False (b) True
35. 35.A small business sells 37 glasses of chai at ₹30 each. What is its revenue (in ₹)?
36. 36.A small business sells 48 paper bookmarks at ₹20 each. Its costs are ₹170. What is its profit (in ₹)?
37. 37.A small business sells 60 jute bags at ₹45 each. Its costs are ₹2190. What is its profit (in ₹)?
38. 38.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
39. 39.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) simplest to start
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False

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