Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 407 · 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.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
2. 2.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
3. 3.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) owners’ risk is limited
6. 6.A small business selling cups of lemonade had a revenue of ₹2100 and a profit of ₹1480. What were its costs (in ₹)?
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owned by shareholders (d) run by directors
8. 8.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
9. 9.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) one owner runs it (d) owners’ risk is limited
10. 10.A small business sells 22 clay diyas at ₹50 each. What is its revenue (in ₹)?
11. 11.A small business sells 32 glasses of chai at ₹50 each. What is its revenue (in ₹)?
12. 12.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
13. 13.A small business sells 55 painted pebbles at ₹15 each. What is its revenue (in ₹)?
14. 14.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
15. 15.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) a separate legal body
16. 16.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
17. 17.A small business sells 23 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
18. 18.A small business sells 41 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
19. 19.A small business sells 53 glasses of chai at ₹50 each. Its costs are ₹2550. What is its profit (in ₹)?
20. 20.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
21. 21.True or false: “owner owes the debts” is true of a company. (a) False (b) True
22. 22.A small business sells 58 potted plants at ₹30 each. Its costs are ₹760. What is its profit (in ₹)?
23. 23.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
24. 24.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.A small business selling potted plants had a revenue of ₹350 and a profit of ₹180. What were its costs (in ₹)?
27. 27.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
29. 29.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
30. 30.True or false: “run by directors” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 17 clay diyas at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
32. 32.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner keeps all profit (d) one owner runs it
33. 33.A small business sells 25 friendship bands at ₹35 each. What is its revenue (in ₹)?
34. 34.A small business sells 43 friendship bands at ₹50 each. Its costs are ₹820. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
36. 36.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
37. 37.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
38. 38.A small business sells 29 jute bags at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
39. 39.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
40. 40.A small business sells 20 cups of lemonade at ₹10 each. What is its revenue (in ₹)?

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