Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 287 · 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: “owned by shareholders” is true of a sole trader. (a) False (b) True
3. 3.True or false: “run by directors” is true of a sole trader. (a) True (b) False
4. 4.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
5. 5.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
6. 6.A small business sells 35 friendship bands at ₹35 each. Its costs are ₹340. What is its profit (in ₹)?
7. 7.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) simplest to start
8. 8.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
9. 9.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
10. 10.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
11. 11.True or false: “a separate legal body” is true of a company. (a) False (b) True
12. 12.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
13. 13.A small business sells 45 clay diyas at ₹40 each. What is its revenue (in ₹)?
14. 14.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner owes the debts
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) run by directors
16. 16.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
18. 18.True or false: “run by directors” is true of a company. (a) False (b) True
19. 19.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
20. 20.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
21. 21.A small business sells 26 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
23. 23.A small business selling jute bags had a revenue of ₹285 and a profit of ₹235. What were its costs (in ₹)?
24. 24.True or false: “one owner runs it” is true of a company. (a) False (b) True
25. 25.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
26. 26.A small business selling friendship bands had a revenue of ₹2050 and a profit of ₹800. What were its costs (in ₹)?
27. 27.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
28. 28.A small business sells 52 cupcakes at ₹20 each. Its costs are ₹490. What is its profit (in ₹)?
29. 29.A small business selling cups of lemonade had a revenue of ₹1260 and a profit of ₹560. What were its costs (in ₹)?
30. 30.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 26 potted plants at ₹45 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
35. 35.A small business sells 46 friendship bands at ₹15 each. What is its revenue (in ₹)?
36. 36.🎂 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
37. 37.A small business sells 50 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
39. 39.A small business selling painted pebbles had a revenue of ₹1855 and a profit of ₹1475. What were its costs (in ₹)?
40. 40.A small business selling potted plants had a revenue of ₹930 and a profit of ₹210. What were its costs (in ₹)?

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