Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 449 · 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.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) simplest to start (d) one owner runs it
3. 3.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
4. 4.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
5. 5.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
6. 6.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
7. 7.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
8. 8.A small business sells 22 glasses of chai at ₹40 each. What is its revenue (in ₹)?
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
10. 10.A small business sells 20 bags of popcorn at ₹20 each. Its costs are ₹40. What is its profit (in ₹)?
11. 11.A small business sells 19 painted pebbles at ₹45 each. What is its revenue (in ₹)?
12. 12.A small business sells 27 jute bags at ₹40 each. Its costs are ₹1010. What is its profit (in ₹)?
13. 13.A small business selling potted plants had a revenue of ₹2200 and a profit of ₹1240. What were its costs (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.A small business selling potted plants had a revenue of ₹600 and a profit of ₹140. What were its costs (in ₹)?
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner keeps all profit
18. 18.True or false: “one owner runs it” is true of a company. (a) False (b) True
19. 19.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
20. 20.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
21. 21.A small business selling glasses of chai had a revenue of ₹765 and a profit of ₹95. What were its costs (in ₹)?
22. 22.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
23. 23.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
24. 24.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
26. 26.A small business selling fruit cups had a revenue of ₹1620 and a profit of ₹1270. What were its costs (in ₹)?
27. 27.A small business selling potted plants had a revenue of ₹205 and a profit of ₹55. What were its costs (in ₹)?
28. 28.A small business selling bags of popcorn had a revenue of ₹140 and a profit of ₹130. What were its costs (in ₹)?
29. 29.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
30. 30.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) owned by shareholders
32. 32.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
33. 33.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) simplest to start (d) owner owes the debts
34. 34.A small business selling bags of popcorn had a revenue of ₹105 and a profit of ₹85. What were its costs (in ₹)?
35. 35.True or false: “run by directors” is true of a sole trader. (a) False (b) True
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
37. 37.A small business sells 14 jute bags at ₹35 each. What is its revenue (in ₹)?
38. 38.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
39. 39.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 35 paper bookmarks at ₹5 each. Its costs are ₹160. What is its profit (in ₹)?

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