Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 34 · 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) a separate legal body (d) owner owes the debts
2. 2.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
3. 3.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
4. 4.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.A small business sells 14 friendship bands at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
7. 7.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
8. 8.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
9. 9.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) run by directors (d) a separate legal body
10. 10.A small business sells 19 paper bookmarks at ₹30 each. Its costs are ₹490. What is its profit (in ₹)?
11. 11.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
12. 12.A small business selling clay diyas had a revenue of ₹405 and a profit of ₹355. What were its costs (in ₹)?
13. 13.A small business sells 15 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
14. 14.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
15. 15.A small business sells 32 handmade cards at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
16. 16.True or false: “run by directors” is true of a company. (a) False (b) True
17. 17.True or false: “one owner runs it” is true of a company. (a) True (b) False
18. 18.A small business sells 16 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
19. 19.A small business selling handmade cards had a revenue of ₹240 and a profit of ₹60. What were its costs (in ₹)?
20. 20.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) simplest to start (d) one owner runs it
22. 22.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
23. 23.A small business selling cupcakes had a revenue of ₹495 and a profit of ₹205. What were its costs (in ₹)?
24. 24.A small business sells 11 painted pebbles at ₹25 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
26. 26.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
27. 27.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
30. 30.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
31. 31.A small business sells 56 handmade cards at ₹50 each. Its costs are ₹1190. What is its profit (in ₹)?
32. 32.A small business sells 23 cupcakes at ₹45 each. Its costs are ₹90. What is its profit (in ₹)?
33. 33.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
34. 34.A small business sells 59 potted plants at ₹30 each. Its costs are ₹570. What is its profit (in ₹)?
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
36. 36.A small business sells 48 fruit cups at ₹50 each. Its costs are ₹150. What is its profit (in ₹)?
37. 37.A small business sells 58 clay diyas at ₹45 each. What is its revenue (in ₹)?
38. 38.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
39. 39.True or false: “owned by shareholders” is true of a company. (a) True (b) False
40. 40.A small business sells 22 handmade cards at ₹10 each. What is its revenue (in ₹)?

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