Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 201 · 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: simplest to start? (a) a sole trader (b) a company
2. 2.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
3. 3.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) one owner runs it
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
6. 6.True or false: “owner owes the debts” is true of a company. (a) False (b) True
7. 7.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
8. 8.A small business selling fruit cups had a revenue of ₹320 and a profit of ₹250. What were its costs (in ₹)?
9. 9.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
10. 10.A small business sells 45 clay diyas at ₹25 each. What is its revenue (in ₹)?
11. 11.A small business selling cups of lemonade had a revenue of ₹595 and a profit of ₹195. What were its costs (in ₹)?
12. 12.True or false: “one owner runs it” is true of a company. (a) True (b) False
13. 13.A small business selling paper bookmarks had a revenue of ₹380 and a profit of ₹110. What were its costs (in ₹)?
14. 14.A small business sells 57 handmade cards at ₹50 each. What is its revenue (in ₹)?
15. 15.A small business sells 44 handmade cards at ₹30 each. Its costs are ₹930. What is its profit (in ₹)?
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) run by directors (d) owners’ risk is limited
18. 18.A small business sells 40 cupcakes at ₹35 each. Its costs are ₹960. What is its profit (in ₹)?
19. 19.A small business selling jute bags had a revenue of ₹550 and a profit of ₹500. What were its costs (in ₹)?
20. 20.A small business selling handmade cards had a revenue of ₹2030 and a profit of ₹420. What were its costs (in ₹)?
21. 21.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
22. 22.A small business sells 23 painted pebbles at ₹20 each. What is its revenue (in ₹)?
23. 23.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
24. 24.A small business sells 58 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) run by directors (d) owners’ risk is limited
27. 27.A small business sells 15 friendship bands at ₹50 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner keeps all profit (d) one owner runs it
29. 29.A small business selling clay diyas had a revenue of ₹780 and a profit of ₹110. What were its costs (in ₹)?
30. 30.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
31. 31.A small business sells 38 handmade cards at ₹35 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
33. 33.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
34. 34.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
35. 35.A small business sells 45 cupcakes at ₹5 each. Its costs are ₹170. What is its profit (in ₹)?
36. 36.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
37. 37.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
38. 38.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
39. 39.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
40. 40.A small business selling potted plants had a revenue of ₹575 and a profit of ₹505. What were its costs (in ₹)?

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