Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 296 · 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: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
2. 2.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner owes the debts
3. 3.True or false: “simplest to start” is true of a company. (a) True (b) False
4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
5. 5.A small business selling paper bookmarks had a revenue of ₹310 and a profit of ₹280. What were its costs (in ₹)?
6. 6.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
7. 7.A small business sells 50 handmade cards at ₹5 each. What is its revenue (in ₹)?
8. 8.A small business sells 27 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
10. 10.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
12. 12.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
13. 13.A small business selling potted plants had a revenue of ₹240 and a profit of ₹140. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
17. 17.A small business selling potted plants had a revenue of ₹110 and a profit of ₹50. What were its costs (in ₹)?
18. 18.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owned by shareholders (d) run by directors
19. 19.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
20. 20.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
21. 21.True or false: “one owner runs it” is true of a company. (a) False (b) True
22. 22.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
23. 23.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
24. 24.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
25. 25.A small business sells 20 painted pebbles at ₹15 each. What is its revenue (in ₹)?
26. 26.A small business selling clay diyas had a revenue of ₹510 and a profit of ₹380. What were its costs (in ₹)?
27. 27.A small business sells 26 clay diyas at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
28. 28.A small business selling bags of popcorn had a revenue of ₹210 and a profit of ₹150. What were its costs (in ₹)?
29. 29.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
30. 30.A small business selling handmade cards had a revenue of ₹1200 and a profit of ₹140. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
32. 32.A small business sells 38 fruit cups at ₹5 each. What is its revenue (in ₹)?
33. 33.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
34. 34.A small business selling handmade cards had a revenue of ₹320 and a profit of ₹190. What were its costs (in ₹)?
35. 35.A small business sells 39 cupcakes at ₹30 each. What is its revenue (in ₹)?
36. 36.A small business selling fruit cups had a revenue of ₹2280 and a profit of ₹2130. What were its costs (in ₹)?
37. 37.A small business sells 42 bags of popcorn at ₹20 each. Its costs are ₹370. What is its profit (in ₹)?
38. 38.A small business sells 22 potted plants at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
40. 40.True or false: “owned by shareholders” is true of a company. (a) True (b) False

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