Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 35 · 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.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
2. 2.A small business sells 26 bags of popcorn at ₹45 each. Its costs are ₹100. What is its profit (in ₹)?
3. 3.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) owners’ risk is limited
4. 4.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
5. 5.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
6. 6.True or false: “simplest to start” is true of a company. (a) True (b) False
7. 7.A small business sells 11 fruit cups at ₹5 each. What is its revenue (in ₹)?
8. 8.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) one owner runs it (d) a separate legal body
10. 10.A small business sells 48 cups of lemonade at ₹30 each. Its costs are ₹1250. What is its profit (in ₹)?
11. 11.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
13. 13.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
14. 14.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
15. 15.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
16. 16.A small business sells 12 potted plants at ₹20 each. What is its revenue (in ₹)?
17. 17.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
18. 18.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) a separate legal body
19. 19.A small business sells 53 clay diyas at ₹15 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
21. 21.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
22. 22.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
23. 23.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.A small business sells 58 cupcakes at ₹45 each. What is its revenue (in ₹)?
26. 26.A small business selling cups of lemonade had a revenue of ₹360 and a profit of ₹260. What were its costs (in ₹)?
27. 27.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
28. 28.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
29. 29.A small business sells 17 glasses of chai at ₹25 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
31. 31.A small business sells 45 handmade cards at ₹35 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
33. 33.A small business sells 53 fruit cups at ₹45 each. Its costs are ₹250. What is its profit (in ₹)?
34. 34.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
35. 35.A small business sells 18 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
37. 37.A small business sells 44 friendship bands at ₹15 each. What is its revenue (in ₹)?
38. 38.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
39. 39.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
40. 40.A small business sells 44 handmade cards at ₹10 each. What is its revenue (in ₹)?

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