Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 441 · 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: “run by directors” is true of a sole trader. (a) True (b) False
2. 2.True or false: “one owner runs it” is true of a company. (a) False (b) True
3. 3.A small business selling fruit cups had a revenue of ₹1275 and a profit of ₹405. What were its costs (in ₹)?
4. 4.A small business selling handmade cards had a revenue of ₹1890 and a profit of ₹210. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
6. 6.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
8. 8.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
10. 10.True or false: “a separate legal body” is true of a company. (a) True (b) False
11. 11.A small business sells 60 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
12. 12.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
13. 13.A small business sells 58 potted plants at ₹25 each. What is its revenue (in ₹)?
14. 14.A small business sells 35 jute bags at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
15. 15.A small business selling friendship bands had a revenue of ₹1080 and a profit of ₹470. What were its costs (in ₹)?
16. 16.A small business sells 43 painted pebbles at ₹20 each. What is its revenue (in ₹)?
17. 17.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
18. 18.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) a separate legal body (d) run by directors
19. 19.True or false: “owned by shareholders” is true of a company. (a) True (b) False
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
21. 21.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts
22. 22.A small business sells 54 friendship bands at ₹15 each. Its costs are ₹330. What is its profit (in ₹)?
23. 23.A small business sells 13 painted pebbles at ₹50 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
27. 27.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
28. 28.A small business sells 37 jute bags at ₹10 each. What is its revenue (in ₹)?
29. 29.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
30. 30.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
31. 31.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
32. 32.True or false: “run by directors” is true of a company. (a) False (b) True
33. 33.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
34. 34.True or false: “simplest to start” is true of a company. (a) True (b) False
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.A small business sells 53 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
38. 38.A small business sells 35 cups of lemonade at ₹35 each. Its costs are ₹200. What is its profit (in ₹)?
39. 39.True or false: “owner owes the debts” is true of a company. (a) True (b) False
40. 40.A small business sells 40 cups of lemonade at ₹50 each. Its costs are ₹1040. What is its profit (in ₹)?

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