Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 439 · 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: owner keeps all profit? (a) a sole trader (b) a company
2. 2.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
3. 3.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
4. 4.True or false: “owner owes the debts” is true of a company. (a) True (b) False
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owned by shareholders (d) run by directors
6. 6.True or false: “one owner runs it” is true of a company. (a) True (b) False
7. 7.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it
8. 8.A small business sells 15 cupcakes at ₹15 each. What is its revenue (in ₹)?
9. 9.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
10. 10.True or false: “simplest to start” is true of a company. (a) False (b) True
11. 11.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
12. 12.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
13. 13.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
14. 14.A small business selling clay diyas had a revenue of ₹665 and a profit of ₹135. What were its costs (in ₹)?
15. 15.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
16. 16.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
17. 17.A small business sells 42 jute bags at ₹35 each. What is its revenue (in ₹)?
18. 18.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
19. 19.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
20. 20.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
21. 21.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
22. 22.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
23. 23.A small business sells 22 jute bags at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
25. 25.A small business sells 48 handmade cards at ₹15 each. Its costs are ₹670. What is its profit (in ₹)?
26. 26.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
27. 27.A small business selling paper bookmarks had a revenue of ₹260 and a profit of ₹40. What were its costs (in ₹)?
28. 28.A small business selling glasses of chai had a revenue of ₹400 and a profit of ₹340. What were its costs (in ₹)?
29. 29.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
30. 30.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
31. 31.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
32. 32.A small business sells 42 potted plants at ₹15 each. Its costs are ₹230. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
34. 34.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
35. 35.A small business selling potted plants had a revenue of ₹1260 and a profit of ₹650. What were its costs (in ₹)?
36. 36.A small business sells 26 clay diyas at ₹20 each. What is its revenue (in ₹)?
37. 37.A small business sells 49 cupcakes at ₹45 each. Its costs are ₹10. What is its profit (in ₹)?
38. 38.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) simplest to start
39. 39.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
40. 40.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company

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