Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 397 · 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.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
2. 2.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
4. 4.A small business selling cupcakes had a revenue of ₹2295 and a profit of ₹2045. What were its costs (in ₹)?
5. 5.True or false: “one owner runs it” is true of a company. (a) True (b) False
6. 6.True or false: “run by directors” is true of a sole trader. (a) False (b) True
7. 7.A small business sells 21 painted pebbles at ₹20 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
9. 9.A small business selling clay diyas had a revenue of ₹2200 and a profit of ₹1330. What were its costs (in ₹)?
10. 10.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) run by directors
12. 12.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
13. 13.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
14. 14.A small business sells 47 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) one owner runs it
16. 16.A small business sells 27 clay diyas at ₹50 each. Its costs are ₹680. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
18. 18.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
19. 19.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
20. 20.A small business selling cups of lemonade had a revenue of ₹350 and a profit of ₹120. What were its costs (in ₹)?
21. 21.True or false: “owned by shareholders” is true of a company. (a) False (b) True
22. 22.A small business sells 30 friendship bands at ₹30 each. Its costs are ₹210. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.A small business selling cups of lemonade had a revenue of ₹1470 and a profit of ₹1220. What were its costs (in ₹)?
26. 26.A small business sells 57 potted plants at ₹5 each. What is its revenue (in ₹)?
27. 27.🎂 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
28. 28.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
29. 29.True or false: “simplest to start” is true of a company. (a) False (b) True
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
31. 31.A small business sells 46 cupcakes at ₹40 each. Its costs are ₹950. What is its profit (in ₹)?
32. 32.A small business selling handmade cards had a revenue of ₹55 and a profit of ₹35. What were its costs (in ₹)?
33. 33.A small business sells 27 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
35. 35.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
36. 36.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) run by directors
37. 37.📜 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
38. 38.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) owner owes the debts (d) one owner runs it
39. 39.A small business sells 17 glasses of chai at ₹5 each. What is its revenue (in ₹)?
40. 40.True or false: “a separate legal body” is true of a company. (a) True (b) False

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