Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 404 · 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 small business sells 42 potted plants at ₹10 each. Its costs are ₹240. What is its profit (in ₹)?
2. 2.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
3. 3.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
5. 5.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) a separate legal body
7. 7.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
8. 8.True or false: “owner owes the debts” is true of a company. (a) True (b) False
9. 9.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
10. 10.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
11. 11.A small business sells 49 clay diyas at ₹10 each. What is its revenue (in ₹)?
12. 12.A small business sells 24 glasses of chai at ₹35 each. What is its revenue (in ₹)?
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
15. 15.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owned by shareholders (d) owners’ risk is limited
16. 16.A small business sells 28 glasses of chai at ₹30 each. Its costs are ₹120. What is its profit (in ₹)?
17. 17.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
18. 18.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
21. 21.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
22. 22.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
23. 23.A small business sells 48 painted pebbles at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
24. 24.A small business sells 49 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
25. 25.A small business selling glasses of chai had a revenue of ₹215 and a profit of ₹65. What were its costs (in ₹)?
26. 26.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
27. 27.A small business selling cups of lemonade had a revenue of ₹940 and a profit of ₹750. What were its costs (in ₹)?
28. 28.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
29. 29.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
30. 30.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
31. 31.A small business sells 59 jute bags at ₹30 each. Its costs are ₹910. What is its profit (in ₹)?
32. 32.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
33. 33.True or false: “a separate legal body” is true of a company. (a) False (b) True
34. 34.A small business sells 35 potted plants at ₹10 each. What is its revenue (in ₹)?
35. 35.A small business sells 59 friendship bands at ₹50 each. Its costs are ₹50. What is its profit (in ₹)?
36. 36.A small business sells 42 jute bags at ₹50 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
38. 38.A small business selling jute bags had a revenue of ₹600 and a profit of ₹580. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
40. 40.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) simplest to start

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