Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 311 · 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.A small business sells 55 painted pebbles at ₹25 each. What is its revenue (in ₹)?
2. 2.True or false: “owner owes the debts” is true of a company. (a) True (b) False
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) run by directors
4. 4.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
5. 5.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.A small business sells 28 glasses of chai at ₹20 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
9. 9.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
10. 10.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
11. 11.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) simplest to start (d) owned by shareholders
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) owners’ risk is limited
13. 13.A small business sells 22 glasses of chai at ₹10 each. Its costs are ₹120. What is its profit (in ₹)?
14. 14.A small business sells 39 glasses of chai at ₹5 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) owned by shareholders (d) run by directors
16. 16.A small business sells 26 handmade cards at ₹15 each. What is its revenue (in ₹)?
17. 17.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 11 glasses of chai at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owned by shareholders (d) owners’ risk is limited
20. 20.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
21. 21.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
22. 22.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
23. 23.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
27. 27.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
28. 28.True or false: “simplest to start” is true of a company. (a) True (b) False
29. 29.A small business sells 57 potted plants at ₹40 each. What is its revenue (in ₹)?
30. 30.True or false: “run by directors” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 60 painted pebbles at ₹45 each. What is its revenue (in ₹)?
32. 32.A small business sells 38 friendship bands at ₹20 each. What is its revenue (in ₹)?
33. 33.A small business selling friendship bands had a revenue of ₹2400 and a profit of ₹320. What were its costs (in ₹)?
34. 34.True or false: “owned by shareholders” is true of a company. (a) False (b) True
35. 35.A small business selling handmade cards had a revenue of ₹1750 and a profit of ₹910. What were its costs (in ₹)?
36. 36.A small business sells 21 jute bags at ₹40 each. What is its revenue (in ₹)?
37. 37.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
38. 38.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
39. 39.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
40. 40.A small business sells 18 paper bookmarks at ₹45 each. What is its revenue (in ₹)?

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