Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 337 · 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 sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) simplest to start
2. 2.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
4. 4.A small business selling potted plants had a revenue of ₹135 and a profit of ₹125. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.A small business sells 27 cupcakes at ₹15 each. Its costs are ₹280. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) run by directors
10. 10.A small business sells 21 glasses of chai at ₹45 each. Its costs are ₹120. What is its profit (in ₹)?
11. 11.A small business sells 10 clay diyas at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
12. 12.A small business sells 55 bags of popcorn at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
13. 13.A small business sells 11 clay diyas at ₹40 each. What is its revenue (in ₹)?
14. 14.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
15. 15.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
16. 16.A small business selling glasses of chai had a revenue of ₹840 and a profit of ₹60. What were its costs (in ₹)?
17. 17.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
18. 18.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
19. 19.True or false: “owned by shareholders” is true of a company. (a) True (b) False
20. 20.True or false: “run by directors” is true of a sole trader. (a) True (b) False
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner owes the debts (d) owned by shareholders
22. 22.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
23. 23.A small business sells 29 clay diyas at ₹35 each. What is its revenue (in ₹)?
24. 24.A small business sells 55 paper bookmarks at ₹25 each. Its costs are ₹950. What is its profit (in ₹)?
25. 25.A small business selling fruit cups had a revenue of ₹1800 and a profit of ₹250. What were its costs (in ₹)?
26. 26.A small business sells 15 glasses of chai at ₹50 each. Its costs are ₹580. What is its profit (in ₹)?
27. 27.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) owner keeps all profit
28. 28.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
30. 30.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
31. 31.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
32. 32.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
33. 33.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
34. 34.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 13 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
36. 36.A small business selling paper bookmarks had a revenue of ₹390 and a profit of ₹330. What were its costs (in ₹)?
37. 37.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
38. 38.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
39. 39.True or false: “one owner runs it” is true of a company. (a) False (b) True
40. 40.A small business sells 39 clay diyas at ₹30 each. What is its revenue (in ₹)?

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