Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 460 · 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 minus costs equals… (a) price (b) revenue (c) stock (d) profit
2. 2.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
3. 3.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
4. 4.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
5. 5.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
6. 6.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.True or false: “simplest to start” is true of a company. (a) False (b) True
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
10. 10.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
11. 11.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
12. 12.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
13. 13.A small business selling fruit cups had a revenue of ₹580 and a profit of ₹490. What were its costs (in ₹)?
14. 14.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
15. 15.True or false: “one owner runs it” is true of a company. (a) True (b) False
16. 16.A small business sells 55 fruit cups at ₹25 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
18. 18.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
19. 19.True or false: “a separate legal body” is true of a company. (a) False (b) True
20. 20.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
21. 21.True or false: “owner owes the debts” is true of a company. (a) True (b) False
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
23. 23.A small business selling bags of popcorn had a revenue of ₹500 and a profit of ₹120. What were its costs (in ₹)?
24. 24.A small business selling fruit cups had a revenue of ₹1645 and a profit of ₹1135. What were its costs (in ₹)?
25. 25.A small business selling painted pebbles had a revenue of ₹190 and a profit of ₹140. What were its costs (in ₹)?
26. 26.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
27. 27.True or false: “run by directors” is true of a sole trader. (a) True (b) False
28. 28.A small business sells 49 jute bags at ₹30 each. What is its revenue (in ₹)?
29. 29.A small business selling potted plants had a revenue of ₹775 and a profit of ₹365. What were its costs (in ₹)?
30. 30.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
31. 31.A small business selling handmade cards had a revenue of ₹480 and a profit of ₹50. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
33. 33.A small business sells 54 friendship bands at ₹30 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
35. 35.A small business sells 13 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
36. 36.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
37. 37.A small business selling handmade cards had a revenue of ₹60 and a profit of ₹10. What were its costs (in ₹)?
38. 38.A small business sells 50 clay diyas at ₹15 each. Its costs are ₹740. What is its profit (in ₹)?
39. 39.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
40. 40.A small business sells 57 handmade cards at ₹35 each. What is its revenue (in ₹)?

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