Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 241 · 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: “owner owes the debts” is true of a sole trader. (a) True (b) False
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.A small business sells 10 clay diyas at ₹25 each. Its costs are ₹150. What is its profit (in ₹)?
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
5. 5.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
6. 6.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
7. 7.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
8. 8.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
9. 9.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
10. 10.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.A small business sells 45 clay diyas at ₹10 each. Its costs are ₹240. What is its profit (in ₹)?
13. 13.A small business sells 32 fruit cups at ₹25 each. What is its revenue (in ₹)?
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
15. 15.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
16. 16.A small business sells 25 painted pebbles at ₹45 each. What is its revenue (in ₹)?
17. 17.A small business sells 29 fruit cups at ₹40 each. What is its revenue (in ₹)?
18. 18.True or false: “a separate legal body” is true of a company. (a) False (b) True
19. 19.A small business sells 47 glasses of chai at ₹20 each. Its costs are ₹120. What is its profit (in ₹)?
20. 20.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) owners’ risk is limited
21. 21.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
22. 22.True or false: “one owner runs it” is true of a company. (a) True (b) False
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) run by directors
24. 24.A small business selling cups of lemonade had a revenue of ₹1620 and a profit of ₹1240. What were its costs (in ₹)?
25. 25.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
26. 26.A small business sells 26 glasses of chai at ₹45 each. Its costs are ₹300. What is its profit (in ₹)?
27. 27.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) one owner runs it
28. 28.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner keeps all profit
29. 29.A small business sells 53 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
31. 31.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
32. 32.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
35. 35.A small business sells 35 fruit cups at ₹20 each. What is its revenue (in ₹)?
36. 36.A small business sells 29 fruit cups at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
37. 37.A small business selling handmade cards had a revenue of ₹920 and a profit of ₹140. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
39. 39.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
40. 40.A small business sells 34 cups of lemonade at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?

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