Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 313 · 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) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
2. 2.A small business sells 44 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
3. 3.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
4. 4.A small business sells 37 clay diyas at ₹15 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) simplest to start
6. 6.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) a separate legal body
7. 7.A small business sells 60 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
8. 8.A small business sells 20 glasses of chai at ₹20 each. What is its revenue (in ₹)?
9. 9.True or false: “simplest to start” is true of a company. (a) False (b) True
10. 10.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
11. 11.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
12. 12.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
13. 13.True or false: “a separate legal body” is true of a company. (a) False (b) True
14. 14.True or false: “run by directors” is true of a company. (a) False (b) True
15. 15.A small business sells 17 bags of popcorn at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
16. 16.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
17. 17.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
18. 18.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
19. 19.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) simplest to start (d) owner keeps all profit
20. 20.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
22. 22.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
23. 23.A small business selling paper bookmarks had a revenue of ₹1575 and a profit of ₹1125. What were its costs (in ₹)?
24. 24.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
25. 25.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
26. 26.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
27. 27.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
28. 28.A small business sells 14 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
29. 29.A small business sells 48 bags of popcorn at ₹50 each. Its costs are ₹2040. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
32. 32.True or false: “owner owes the debts” is true of a company. (a) False (b) True
33. 33.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner owes the debts
34. 34.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
35. 35.A small business selling fruit cups had a revenue of ₹160 and a profit of ₹20. What were its costs (in ₹)?
36. 36.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 22 cupcakes at ₹10 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
39. 39.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
40. 40.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit

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