Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 28 · 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.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
2. 2.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
3. 3.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) owned by shareholders
4. 4.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) simplest to start (d) owner owes the debts
5. 5.A small business selling handmade cards had a revenue of ₹1620 and a profit of ₹1470. What were its costs (in ₹)?
6. 6.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) one owner runs it
7. 7.A small business selling clay diyas had a revenue of ₹520 and a profit of ₹420. What were its costs (in ₹)?
8. 8.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
9. 9.True or false: “owner owes the debts” is true of a company. (a) True (b) False
10. 10.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
13. 13.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
14. 14.A small business sells 11 fruit cups at ₹15 each. Its costs are ₹10. What is its profit (in ₹)?
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
16. 16.A small business sells 57 clay diyas at ₹45 each. What is its revenue (in ₹)?
17. 17.A small business selling clay diyas had a revenue of ₹795 and a profit of ₹645. What were its costs (in ₹)?
18. 18.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
19. 19.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
20. 20.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
21. 21.A small business selling cups of lemonade had a revenue of ₹925 and a profit of ₹825. What were its costs (in ₹)?
22. 22.A small business sells 25 clay diyas at ₹25 each. What is its revenue (in ₹)?
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
24. 24.A small business selling cups of lemonade had a revenue of ₹2550 and a profit of ₹2520. What were its costs (in ₹)?
25. 25.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
27. 27.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
28. 28.A small business sells 18 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
29. 29.A small business selling handmade cards had a revenue of ₹1850 and a profit of ₹1280. What were its costs (in ₹)?
30. 30.A small business sells 24 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
31. 31.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
32. 32.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
33. 33.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
34. 34.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
35. 35.A small business sells 29 friendship bands at ₹5 each. What is its revenue (in ₹)?
36. 36.A small business selling painted pebbles had a revenue of ₹2430 and a profit of ₹560. What were its costs (in ₹)?
37. 37.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
38. 38.A small business sells 17 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
39. 39.A small business sells 21 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
40. 40.A small business sells 29 paper bookmarks at ₹25 each. Its costs are ₹450. What is its profit (in ₹)?

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