Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 370 · 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: simplest to start? (a) a sole trader (b) a company
2. 2.A small business sells 18 painted pebbles at ₹20 each. Its costs are ₹170. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
4. 4.A small business sells 30 bags of popcorn at ₹5 each. Its costs are ₹130. What is its profit (in ₹)?
5. 5.True or false: “a separate legal body” is true of a company. (a) True (b) False
6. 6.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) run by directors
7. 7.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
8. 8.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
9. 9.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
10. 10.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
11. 11.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
13. 13.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
14. 14.A small business sells 36 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
15. 15.A small business sells 12 jute bags at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
16. 16.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
17. 17.A small business sells 15 friendship bands at ₹50 each. What is its revenue (in ₹)?
18. 18.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
19. 19.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
20. 20.A small business sells 59 glasses of chai at ₹45 each. Its costs are ₹710. What is its profit (in ₹)?
21. 21.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
22. 22.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) simplest to start
23. 23.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
24. 24.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
25. 25.A small business sells 30 handmade cards at ₹40 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
27. 27.A small business selling fruit cups had a revenue of ₹810 and a profit of ₹630. What were its costs (in ₹)?
28. 28.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
30. 30.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner keeps all profit (d) one owner runs it
31. 31.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) a separate legal body
32. 32.A small business sells 40 friendship bands at ₹45 each. Its costs are ₹110. What is its profit (in ₹)?
33. 33.A small business selling cupcakes had a revenue of ₹1280 and a profit of ₹1100. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
35. 35.A small business selling handmade cards had a revenue of ₹1160 and a profit of ₹870. What were its costs (in ₹)?
36. 36.True or false: “owner owes the debts” is true of a company. (a) True (b) False
37. 37.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
38. 38.A small business sells 13 handmade cards at ₹30 each. What is its revenue (in ₹)?
39. 39.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 22 fruit cups at ₹15 each. What is its revenue (in ₹)?

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