Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 170 · 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.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
2. 2.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
3. 3.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
4. 4.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
5. 5.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner owes the debts
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) owners’ risk is limited
8. 8.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
9. 9.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
10. 10.A small business sells 34 potted plants at ₹20 each. What is its revenue (in ₹)?
11. 11.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) run by directors
12. 12.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
13. 13.A small business sells 49 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
14. 14.A small business sells 46 cupcakes at ₹10 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) a separate legal body (d) run by directors
16. 16.A small business sells 53 potted plants at ₹20 each. What is its revenue (in ₹)?
17. 17.True or false: “owned by shareholders” is true of a company. (a) True (b) False
18. 18.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
19. 19.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
21. 21.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
22. 22.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
23. 23.A small business selling handmade cards had a revenue of ₹1785 and a profit of ₹1415. What were its costs (in ₹)?
24. 24.A small business sells 20 fruit cups at ₹45 each. Its costs are ₹480. What is its profit (in ₹)?
25. 25.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) a separate legal body
27. 27.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
28. 28.A small business selling friendship bands had a revenue of ₹345 and a profit of ₹265. What were its costs (in ₹)?
29. 29.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
30. 30.A small business sells 47 fruit cups at ₹30 each. Its costs are ₹60. What is its profit (in ₹)?
31. 31.A small business sells 30 glasses of chai at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
32. 32.A small business sells 57 friendship bands at ₹15 each. What is its revenue (in ₹)?
33. 33.A small business sells 41 cups of lemonade at ₹30 each. Its costs are ₹310. What is its profit (in ₹)?
34. 34.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
35. 35.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
36. 36.A small business sells 25 jute bags at ₹15 each. What is its revenue (in ₹)?
37. 37.True or false: “a separate legal body” is true of a company. (a) False (b) True
38. 38.A small business sells 11 clay diyas at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
39. 39.A small business selling clay diyas had a revenue of ₹360 and a profit of ₹310. What were its costs (in ₹)?
40. 40.True or false: “run by directors” is true of a company. (a) False (b) True

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