Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 272 · 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.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
2. 2.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
3. 3.A small business sells 52 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
4. 4.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
5. 5.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) a separate legal body
6. 6.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
7. 7.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
8. 8.A small business sells 19 cupcakes at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
9. 9.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
10. 10.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
11. 11.True or false: “run by directors” is true of a sole trader. (a) False (b) True
12. 12.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
16. 16.A small business selling glasses of chai had a revenue of ₹330 and a profit of ₹130. What were its costs (in ₹)?
17. 17.A small business sells 13 potted plants at ₹50 each. What is its revenue (in ₹)?
18. 18.A small business sells 51 clay diyas at ₹20 each. What is its revenue (in ₹)?
19. 19.A small business selling friendship bands had a revenue of ₹900 and a profit of ₹60. What were its costs (in ₹)?
20. 20.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) run by directors
22. 22.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
24. 24.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
25. 25.A small business sells 48 paper bookmarks at ₹30 each. Its costs are ₹240. What is its profit (in ₹)?
26. 26.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
27. 27.A small business selling cupcakes had a revenue of ₹450 and a profit of ₹270. What were its costs (in ₹)?
28. 28.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
29. 29.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
30. 30.True or false: “a separate legal body” is true of a company. (a) True (b) False
31. 31.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
32. 32.True or false: “run by directors” is true of a company. (a) True (b) False
33. 33.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
34. 34.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
35. 35.A small business sells 15 glasses of chai at ₹35 each. What is its revenue (in ₹)?
36. 36.True or false: “simplest to start” is true of a company. (a) True (b) False
37. 37.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
38. 38.A small business selling clay diyas had a revenue of ₹1125 and a profit of ₹915. What were its costs (in ₹)?
39. 39.A small business sells 41 bags of popcorn at ₹10 each. Its costs are ₹310. What is its profit (in ₹)?
40. 40.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts

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