Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 342 · 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) a separate legal body (b) run by directors (c) owners’ risk is limited (d) owner owes the debts
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) simplest to start
3. 3.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
5. 5.A small business selling bags of popcorn had a revenue of ₹2655 and a profit of ₹1635. What were its costs (in ₹)?
6. 6.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
7. 7.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
9. 9.A small business sells 53 cupcakes at ₹50 each. What is its revenue (in ₹)?
10. 10.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.True or false: “a separate legal body” is true of a company. (a) False (b) True
13. 13.A small business selling cupcakes had a revenue of ₹1085 and a profit of ₹455. What were its costs (in ₹)?
14. 14.True or false: “owner owes the debts” is true of a company. (a) False (b) True
15. 15.A small business selling painted pebbles had a revenue of ₹840 and a profit of ₹590. What were its costs (in ₹)?
16. 16.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
17. 17.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
18. 18.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
20. 20.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
21. 21.🏢 Sole trader or company: simplest to start? (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.📜 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
24. 24.A small business sells 55 paper bookmarks at ₹40 each. Its costs are ₹30. What is its profit (in ₹)?
25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
26. 26.A small business sells 59 handmade cards at ₹30 each. Its costs are ₹300. What is its profit (in ₹)?
27. 27.A small business selling jute bags had a revenue of ₹600 and a profit of ₹10. What were its costs (in ₹)?
28. 28.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
29. 29.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
30. 30.A small business selling fruit cups had a revenue of ₹1025 and a profit of ₹785. What were its costs (in ₹)?
31. 31.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
32. 32.A small business sells 23 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
34. 34.A small business selling friendship bands had a revenue of ₹285 and a profit of ₹275. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
36. 36.A small business sells 56 glasses of chai at ₹15 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
38. 38.A small business sells 57 painted pebbles at ₹20 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) one owner runs it
40. 40.True or false: “owned by shareholders” is true of a company. (a) True (b) False

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