Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 367 · 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) owners’ risk is limited (c) simplest to start (d) owned by shareholders
2. 2.True or false: “owned by shareholders” is true of a company. (a) True (b) False
3. 3.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
4. 4.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
5. 5.A small business selling jute bags had a revenue of ₹720 and a profit of ₹490. What were its costs (in ₹)?
6. 6.A small business selling fruit cups had a revenue of ₹1950 and a profit of ₹260. What were its costs (in ₹)?
7. 7.A small business sells 18 cupcakes at ₹10 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) a separate legal body (d) owners’ risk is limited
9. 9.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
10. 10.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
11. 11.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
12. 12.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
13. 13.A small business sells 13 handmade cards at ₹40 each. What is its revenue (in ₹)?
14. 14.A small business sells 35 handmade cards at ₹40 each. Its costs are ₹490. What is its profit (in ₹)?
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owned by shareholders
16. 16.A small business selling paper bookmarks had a revenue of ₹2200 and a profit of ₹1890. What were its costs (in ₹)?
17. 17.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
18. 18.True or false: “run by directors” is true of a sole trader. (a) True (b) False
19. 19.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
20. 20.True or false: “run by directors” is true of a company. (a) False (b) True
21. 21.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
22. 22.🎂 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
23. 23.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
24. 24.True or false: “one owner runs it” is true of a company. (a) True (b) False
25. 25.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
26. 26.A small business selling painted pebbles had a revenue of ₹1600 and a profit of ₹340. What were its costs (in ₹)?
27. 27.A small business selling potted plants had a revenue of ₹2295 and a profit of ₹2275. What were its costs (in ₹)?
28. 28.A small business sells 51 friendship bands at ₹20 each. Its costs are ₹370. What is its profit (in ₹)?
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) owner owes the debts
30. 30.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owned by shareholders (d) run by directors
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
32. 32.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) simplest to start
35. 35.📜 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
36. 36.A small business sells 55 jute bags at ₹45 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
38. 38.A small business sells 15 handmade cards at ₹5 each. What is its revenue (in ₹)?
39. 39.A small business sells 39 painted pebbles at ₹20 each. What is its revenue (in ₹)?
40. 40.A small business sells 32 jute bags at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?

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