Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 361 · 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) run by directors (b) owned by shareholders (c) one owner runs it (d) owners’ risk is limited
2. 2.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
3. 3.A small business sells 16 potted plants at ₹15 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owned by shareholders (d) owners’ risk is limited
5. 5.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
6. 6.True or false: “a separate legal body” is true of a company. (a) True (b) False
7. 7.A small business sells 15 jute bags at ₹45 each. What is its revenue (in ₹)?
8. 8.A small business sells 40 cups of lemonade at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
9. 9.A small business sells 28 jute bags at ₹5 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) simplest to start
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
12. 12.A small business sells 14 glasses of chai at ₹35 each. Its costs are ₹220. What is its profit (in ₹)?
13. 13.A small business selling fruit cups had a revenue of ₹525 and a profit of ₹195. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
16. 16.A small business sells 28 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) owned by shareholders
18. 18.A small business sells 59 painted pebbles at ₹40 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
20. 20.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
21. 21.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
22. 22.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
23. 23.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
24. 24.A small business selling glasses of chai had a revenue of ₹405 and a profit of ₹65. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
26. 26.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
27. 27.A small business sells 54 glasses of chai at ₹35 each. What is its revenue (in ₹)?
28. 28.A small business sells 57 cupcakes at ₹20 each. Its costs are ₹570. What is its profit (in ₹)?
29. 29.True or false: “owner owes the debts” is true of a company. (a) True (b) False
30. 30.A small business sells 48 paper bookmarks at ₹30 each. Its costs are ₹1250. What is its profit (in ₹)?
31. 31.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
32. 32.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
33. 33.A small business selling fruit cups had a revenue of ₹990 and a profit of ₹970. What were its costs (in ₹)?
34. 34.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
35. 35.A small business selling paper bookmarks had a revenue of ₹220 and a profit of ₹200. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
37. 37.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
38. 38.A small business sells 33 friendship bands at ₹45 each. What is its revenue (in ₹)?
39. 39.A small business sells 16 glasses of chai at ₹50 each. Its costs are ₹260. What is its profit (in ₹)?
40. 40.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price

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