Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 240 · 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) True (b) False
2. 2.A small business selling fruit cups had a revenue of ₹200 and a profit of ₹110. What were its costs (in ₹)?
3. 3.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
4. 4.A small business sells 24 friendship bands at ₹30 each. Its costs are ₹310. What is its profit (in ₹)?
5. 5.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
6. 6.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
7. 7.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
9. 9.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
10. 10.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
11. 11.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.A small business sells 30 handmade cards at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
14. 14.A small business sells 28 paper bookmarks at ₹35 each. Its costs are ₹120. What is its profit (in ₹)?
15. 15.A small business sells 37 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
17. 17.A small business selling handmade cards had a revenue of ₹110 and a profit of ₹90. What were its costs (in ₹)?
18. 18.True or false: “simplest to start” is true of a company. (a) False (b) True
19. 19.A small business sells 43 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
21. 21.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
22. 22.A small business sells 17 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
23. 23.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
24. 24.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner owes the debts (d) simplest to start
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
26. 26.True or false: “owned by shareholders” is true of a company. (a) True (b) False
27. 27.True or false: “one owner runs it” is true of a company. (a) False (b) True
28. 28.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) owned by shareholders
30. 30.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
31. 31.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
32. 32.A small business selling jute bags had a revenue of ₹220 and a profit of ₹190. What were its costs (in ₹)?
33. 33.A small business sells 20 jute bags at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) run by directors
35. 35.A small business selling potted plants had a revenue of ₹380 and a profit of ₹190. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
37. 37.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
38. 38.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
39. 39.A small business selling handmade cards had a revenue of ₹1035 and a profit of ₹485. What were its costs (in ₹)?
40. 40.A small business selling fruit cups had a revenue of ₹300 and a profit of ₹170. What were its costs (in ₹)?

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