Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 260 · 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: “simplest to start” is true of a sole trader. (a) False (b) True
2. 2.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
3. 3.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
4. 4.A small business sells 25 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
6. 6.A small business sells 54 paper bookmarks at ₹20 each. Its costs are ₹680. What is its profit (in ₹)?
7. 7.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
10. 10.A small business sells 32 jute bags at ₹30 each. What is its revenue (in ₹)?
11. 11.A small business selling potted plants had a revenue of ₹1000 and a profit of ₹770. What were its costs (in ₹)?
12. 12.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
13. 13.A small business selling jute bags had a revenue of ₹750 and a profit of ₹280. What were its costs (in ₹)?
14. 14.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) simplest to start (d) owner keeps all profit
15. 15.A small business sells 35 friendship bands at ₹15 each. Its costs are ₹410. What is its profit (in ₹)?
16. 16.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
17. 17.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
18. 18.A small business sells 48 handmade cards at ₹10 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) one owner runs it (d) owned by shareholders
21. 21.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
22. 22.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
23. 23.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
25. 25.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
26. 26.A small business selling potted plants had a revenue of ₹1380 and a profit of ₹310. What were its costs (in ₹)?
27. 27.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
28. 28.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owner keeps all profit (d) a separate legal body
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
30. 30.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
32. 32.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
33. 33.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
34. 34.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
35. 35.A small business sells 33 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
36. 36.A small business sells 50 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
37. 37.A small business selling friendship bands had a revenue of ₹1530 and a profit of ₹920. What were its costs (in ₹)?
38. 38.True or false: “owner owes the debts” is true of a company. (a) True (b) False
39. 39.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False

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