Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 219 · 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: run by directors? (a) a company (b) a sole trader
2. 2.True or false: “owned by shareholders” is true of a company. (a) True (b) False
3. 3.A small business sells 56 glasses of chai at ₹50 each. Its costs are ₹2570. What is its profit (in ₹)?
4. 4.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
5. 5.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
6. 6.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
9. 9.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
10. 10.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
13. 13.True or false: “owner owes the debts” is true of a company. (a) True (b) False
14. 14.A small business sells 17 cupcakes at ₹40 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
16. 16.A small business sells 37 glasses of chai at ₹5 each. Its costs are ₹140. What is its profit (in ₹)?
17. 17.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) run by directors
18. 18.A small business sells 36 friendship bands at ₹40 each. Its costs are ₹700. What is its profit (in ₹)?
19. 19.A small business selling friendship bands had a revenue of ₹240 and a profit of ₹10. What were its costs (in ₹)?
20. 20.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
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
22. 22.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
23. 23.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
26. 26.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
27. 27.True or false: “one owner runs it” is true of a company. (a) True (b) False
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) a separate legal body
29. 29.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
30. 30.A small business selling clay diyas had a revenue of ₹1050 and a profit of ₹1010. What were its costs (in ₹)?
31. 31.A small business sells 59 clay diyas at ₹50 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
33. 33.A small business selling bags of popcorn had a revenue of ₹1170 and a profit of ₹310. What were its costs (in ₹)?
34. 34.A small business sells 22 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
35. 35.A small business sells 38 handmade cards at ₹15 each. Its costs are ₹540. What is its profit (in ₹)?
36. 36.🎂 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
37. 37.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
38. 38.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
39. 39.A small business sells 47 painted pebbles at ₹45 each. Its costs are ₹1910. What is its profit (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a company. (a) True (b) False

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