Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 18 · 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: goes up if costs fall? (a) revenue (b) profit
2. 2.True or false: “run by directors” is true of a sole trader. (a) False (b) True
3. 3.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
4. 4.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.True or false: “run by directors” is true of a company. (a) False (b) True
7. 7.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
8. 8.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
9. 9.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) simplest to start (d) one owner runs it
10. 10.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
11. 11.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
13. 13.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
14. 14.True or false: “simplest to start” is true of a company. (a) False (b) True
15. 15.A small business selling potted plants had a revenue of ₹1530 and a profit of ₹220. What were its costs (in ₹)?
16. 16.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
17. 17.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) run by directors
18. 18.A small business sells 45 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
19. 19.A small business sells 30 jute bags at ₹30 each. What is its revenue (in ₹)?
20. 20.A small business selling painted pebbles had a revenue of ₹2025 and a profit of ₹1535. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
23. 23.A small business sells 15 paper bookmarks at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
24. 24.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
25. 25.A small business selling jute bags had a revenue of ₹765 and a profit of ₹85. What were its costs (in ₹)?
26. 26.A small business selling potted plants had a revenue of ₹1085 and a profit of ₹185. What were its costs (in ₹)?
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) run by directors
28. 28.A small business selling jute bags had a revenue of ₹210 and a profit of ₹40. What were its costs (in ₹)?
29. 29.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
30. 30.True or false: “one owner runs it” is true of a company. (a) False (b) True
31. 31.A small business sells 39 glasses of chai at ₹15 each. Its costs are ₹510. What is its profit (in ₹)?
32. 32.A small business selling cups of lemonade had a revenue of ₹1035 and a profit of ₹795. What were its costs (in ₹)?
33. 33.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
34. 34.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
35. 35.True or false: “a separate legal body” is true of a company. (a) False (b) True
36. 36.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
37. 37.A small business sells 20 friendship bands at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
38. 38.A small business selling fruit cups had a revenue of ₹1225 and a profit of ₹925. What were its costs (in ₹)?
39. 39.A small business sells 24 cupcakes at ₹25 each. What is its revenue (in ₹)?
40. 40.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) run by directors

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