Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 334 · 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 company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
2. 2.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
3. 3.A small business sells 56 fruit cups at ₹10 each. Its costs are ₹320. What is its profit (in ₹)?
4. 4.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) run by directors (d) owner owes the debts
5. 5.A small business sells 15 glasses of chai at ₹40 each. Its costs are ₹280. What is its profit (in ₹)?
6. 6.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
7. 7.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner owes the debts (d) owner keeps all profit
8. 8.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
9. 9.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
11. 11.True or false: “owner owes the debts” is true of a company. (a) False (b) True
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
13. 13.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
14. 14.A small business sells 44 clay diyas at ₹45 each. Its costs are ₹170. What is its profit (in ₹)?
15. 15.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
16. 16.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
19. 19.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
20. 20.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
21. 21.A small business sells 31 handmade cards at ₹10 each. What is its revenue (in ₹)?
22. 22.A small business sells 28 fruit cups at ₹40 each. Its costs are ₹1050. What is its profit (in ₹)?
23. 23.A small business sells 29 clay diyas at ₹30 each. What is its revenue (in ₹)?
24. 24.A small business sells 53 handmade cards at ₹45 each. Its costs are ₹230. What is its profit (in ₹)?
25. 25.A small business selling friendship bands had a revenue of ₹1150 and a profit of ₹960. What were its costs (in ₹)?
26. 26.True or false: “a separate legal body” is true of a company. (a) False (b) True
27. 27.True or false: “owned by shareholders” is true of a company. (a) True (b) False
28. 28.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
30. 30.🎂 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
31. 31.A small business sells 59 paper bookmarks at ₹20 each. Its costs are ₹630. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
33. 33.A small business sells 41 cups of lemonade at ₹35 each. Its costs are ₹1000. What is its profit (in ₹)?
34. 34.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) simplest to start
35. 35.A small business sells 54 cups of lemonade at ₹45 each. Its costs are ₹1840. What is its profit (in ₹)?
36. 36.A small business sells 34 jute bags at ₹50 each. Its costs are ₹1430. What is its profit (in ₹)?
37. 37.A small business sells 40 friendship bands at ₹20 each. Its costs are ₹330. What is its profit (in ₹)?
38. 38.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
39. 39.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
40. 40.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader

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