Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 377 · 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 company? (a) owner keeps all profit (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts
2. 2.A small business selling painted pebbles had a revenue of ₹990 and a profit of ₹210. What were its costs (in ₹)?
3. 3.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
4. 4.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
5. 5.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
6. 6.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
7. 7.A small business selling potted plants had a revenue of ₹80 and a profit of ₹60. What were its costs (in ₹)?
8. 8.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner owes the debts
9. 9.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
10. 10.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
11. 11.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
12. 12.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
13. 13.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
14. 14.A small business sells 15 painted pebbles at ₹5 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owners’ risk is limited (d) owned by shareholders
16. 16.A small business sells 41 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
17. 17.A small business sells 52 cupcakes at ₹5 each. What is its revenue (in ₹)?
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
19. 19.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
20. 20.A small business selling potted plants had a revenue of ₹900 and a profit of ₹870. What were its costs (in ₹)?
21. 21.True or false: “owner owes the debts” is true of a company. (a) True (b) False
22. 22.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) simplest to start (d) one owner runs it
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
25. 25.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
26. 26.🎂 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
27. 27.True or false: “a separate legal body” is true of a company. (a) True (b) False
28. 28.A small business sells 59 cups of lemonade at ₹30 each. Its costs are ₹1700. What is its profit (in ₹)?
29. 29.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
30. 30.A small business sells 49 paper bookmarks at ₹15 each. Its costs are ₹340. What is its profit (in ₹)?
31. 31.True or false: “run by directors” is true of a company. (a) False (b) True
32. 32.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
33. 33.True or false: “simplest to start” is true of a company. (a) False (b) True
34. 34.A small business sells 16 painted pebbles at ₹30 each. Its costs are ₹50. What is its profit (in ₹)?
35. 35.A small business selling bags of popcorn had a revenue of ₹150 and a profit of ₹90. What were its costs (in ₹)?
36. 36.A small business sells 39 bags of popcorn at ₹35 each. Its costs are ₹500. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
38. 38.A small business sells 10 glasses of chai at ₹30 each. What is its revenue (in ₹)?
39. 39.A small business sells 52 glasses of chai at ₹25 each. What is its revenue (in ₹)?
40. 40.A small business sells 23 handmade cards at ₹30 each. What is its revenue (in ₹)?

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