Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 218 · 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.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
2. 2.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) one owner runs it (d) owner keeps all profit
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) owned by shareholders
4. 4.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
5. 5.A small business sells 28 handmade cards at ₹5 each. What is its revenue (in ₹)?
6. 6.True or false: “run by directors” is true of a sole trader. (a) True (b) False
7. 7.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
8. 8.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
9. 9.A small business sells 50 potted plants at ₹45 each. What is its revenue (in ₹)?
10. 10.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
11. 11.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owned by shareholders (d) run by directors
12. 12.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
15. 15.A small business selling cups of lemonade had a revenue of ₹1375 and a profit of ₹565. What were its costs (in ₹)?
16. 16.A small business selling painted pebbles had a revenue of ₹500 and a profit of ₹170. What were its costs (in ₹)?
17. 17.A small business sells 55 cups of lemonade at ₹15 each. Its costs are ₹330. What is its profit (in ₹)?
18. 18.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
19. 19.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) simplest to start
20. 20.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
24. 24.A small business sells 16 potted plants at ₹40 each. What is its revenue (in ₹)?
25. 25.A small business selling clay diyas had a revenue of ₹840 and a profit of ₹260. What were its costs (in ₹)?
26. 26.A small business sells 14 clay diyas at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
27. 27.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
28. 28.A small business sells 40 clay diyas at ₹30 each. Its costs are ₹140. What is its profit (in ₹)?
29. 29.A small business selling painted pebbles had a revenue of ₹360 and a profit of ₹250. What were its costs (in ₹)?
30. 30.A small business sells 55 glasses of chai at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business selling cupcakes had a revenue of ₹1225 and a profit of ₹325. What were its costs (in ₹)?
32. 32.A small business sells 49 potted plants at ₹15 each. What is its revenue (in ₹)?
33. 33.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
34. 34.A small business sells 37 handmade cards at ₹35 each. What is its revenue (in ₹)?
35. 35.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
36. 36.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
37. 37.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
38. 38.True or false: “simplest to start” is true of a company. (a) True (b) False
39. 39.A small business selling potted plants had a revenue of ₹540 and a profit of ₹360. What were its costs (in ₹)?
40. 40.A small business sells 57 friendship bands at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?

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