Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 400 · 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: “one owner runs it” is true of a sole trader. (a) False (b) True
2. 2.A small business sells 23 friendship bands at ₹50 each. What is its revenue (in ₹)?
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) a separate legal body
4. 4.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner keeps all profit
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) owner owes the debts
9. 9.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) a separate legal body
10. 10.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
12. 12.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
13. 13.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
16. 16.A small business sells 53 cupcakes at ₹15 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
18. 18.True or false: “simplest to start” is true of a company. (a) True (b) False
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) one owner runs it (d) owned by shareholders
21. 21.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
22. 22.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
23. 23.A small business selling handmade cards had a revenue of ₹215 and a profit of ₹145. What were its costs (in ₹)?
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
25. 25.A small business selling jute bags had a revenue of ₹330 and a profit of ₹230. What were its costs (in ₹)?
26. 26.A small business sells 22 clay diyas at ₹30 each. What is its revenue (in ₹)?
27. 27.A small business sells 27 clay diyas at ₹10 each. What is its revenue (in ₹)?
28. 28.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
29. 29.A small business sells 27 friendship bands at ₹10 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
32. 32.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
33. 33.True or false: “one owner runs it” is true of a company. (a) True (b) False
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
35. 35.A small business sells 49 paper bookmarks at ₹35 each. Its costs are ₹470. What is its profit (in ₹)?
36. 36.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
37. 37.A small business sells 49 cups of lemonade at ₹30 each. Its costs are ₹1110. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
39. 39.A small business selling friendship bands had a revenue of ₹1100 and a profit of ₹990. What were its costs (in ₹)?
40. 40.A small business sells 58 clay diyas at ₹50 each. Its costs are ₹1250. What is its profit (in ₹)?

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