Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 384 · 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.True or false: “run by directors” is true of a sole trader. (a) False (b) True
2. 2.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) run by directors
5. 5.A small business selling glasses of chai had a revenue of ₹1800 and a profit of ₹790. What were its costs (in ₹)?
6. 6.A small business sells 32 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
7. 7.True or false: “one owner runs it” is true of a company. (a) True (b) False
8. 8.A small business sells 49 potted plants at ₹15 each. What is its revenue (in ₹)?
9. 9.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
10. 10.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
11. 11.A small business selling clay diyas had a revenue of ₹1110 and a profit of ₹220. What were its costs (in ₹)?
12. 12.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) simplest to start (d) one owner runs it
13. 13.A small business sells 23 fruit cups at ₹5 each. What is its revenue (in ₹)?
14. 14.A small business sells 50 potted plants at ₹30 each. What is its revenue (in ₹)?
15. 15.A small business selling bags of popcorn had a revenue of ₹145 and a profit of ₹55. What were its costs (in ₹)?
16. 16.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner owes the debts (d) simplest to start
17. 17.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
18. 18.A small business sells 47 painted pebbles at ₹10 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
22. 22.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
23. 23.A small business selling cupcakes had a revenue of ₹220 and a profit of ₹40. What were its costs (in ₹)?
24. 24.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
25. 25.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
26. 26.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) one owner runs it
28. 28.True or false: “a separate legal body” is true of a company. (a) True (b) False
29. 29.A small business selling cupcakes had a revenue of ₹775 and a profit of ₹485. What were its costs (in ₹)?
30. 30.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
31. 31.A small business selling glasses of chai had a revenue of ₹1170 and a profit of ₹990. What were its costs (in ₹)?
32. 32.A small business selling clay diyas had a revenue of ₹645 and a profit of ₹355. What were its costs (in ₹)?
33. 33.A small business sells 24 glasses of chai at ₹10 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) a separate legal body (d) owned by shareholders
35. 35.A small business sells 12 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
36. 36.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
37. 37.A small business sells 57 paper bookmarks at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
38. 38.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
39. 39.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner keeps all profit (d) one owner runs it
40. 40.A small business selling painted pebbles had a revenue of ₹2115 and a profit of ₹1375. What were its costs (in ₹)?

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