Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 390 · 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) simplest to start (b) owner owes the debts (c) run by directors (d) one owner runs it
2. 2.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
3. 3.True or false: “owned by shareholders” is true of a company. (a) False (b) True
4. 4.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
5. 5.A small business selling fruit cups had a revenue of ₹250 and a profit of ₹50. What were its costs (in ₹)?
6. 6.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
7. 7.A small business sells 15 glasses of chai at ₹30 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
9. 9.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owners’ risk is limited
10. 10.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
12. 12.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
14. 14.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
15. 15.A small business sells 25 glasses of chai at ₹35 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) run by directors
17. 17.A small business sells 59 glasses of chai at ₹40 each. What is its revenue (in ₹)?
18. 18.A small business sells 53 glasses of chai at ₹35 each. What is its revenue (in ₹)?
19. 19.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
20. 20.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
21. 21.A small business sells 19 glasses of chai at ₹15 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
23. 23.A small business selling handmade cards had a revenue of ₹630 and a profit of ₹440. What were its costs (in ₹)?
24. 24.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
25. 25.A small business sells 34 fruit cups at ₹45 each. What is its revenue (in ₹)?
26. 26.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
27. 27.True or false: “run by directors” is true of a company. (a) False (b) True
28. 28.A small business sells 29 friendship bands at ₹40 each. What is its revenue (in ₹)?
29. 29.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
30. 30.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
31. 31.A small business sells 16 painted pebbles at ₹40 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
33. 33.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
34. 34.A small business sells 11 jute bags at ₹50 each. Its costs are ₹80. What is its profit (in ₹)?
35. 35.A small business sells 39 handmade cards at ₹25 each. What is its revenue (in ₹)?
36. 36.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 12 fruit cups at ₹50 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
39. 39.A small business selling painted pebbles had a revenue of ₹990 and a profit of ₹350. What were its costs (in ₹)?
40. 40.A small business selling cups of lemonade had a revenue of ₹550 and a profit of ₹40. What were its costs (in ₹)?

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