Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 465 · 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.A small business sells 24 handmade cards at ₹25 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) a separate legal body
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) run by directors
4. 4.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
5. 5.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.A small business sells 32 cups of lemonade at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
8. 8.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
10. 10.A small business sells 49 potted plants at ₹30 each. Its costs are ₹270. What is its profit (in ₹)?
11. 11.True or false: “run by directors” is true of a company. (a) False (b) True
12. 12.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
14. 14.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) one owner runs it
16. 16.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
17. 17.A small business sells 31 handmade cards at ₹25 each. Its costs are ₹550. What is its profit (in ₹)?
18. 18.True or false: “simplest to start” is true of a company. (a) True (b) False
19. 19.A small business sells 57 painted pebbles at ₹20 each. What is its revenue (in ₹)?
20. 20.True or false: “owned by shareholders” is true of a company. (a) True (b) False
21. 21.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
22. 22.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
23. 23.A small business sells 28 paper bookmarks at ₹50 each. Its costs are ₹1300. What is its profit (in ₹)?
24. 24.A small business sells 25 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
25. 25.A small business sells 17 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
26. 26.A small business selling jute bags had a revenue of ₹110 and a profit of ₹90. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
28. 28.A small business sells 31 jute bags at ₹25 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) a separate legal body (d) owned by shareholders
30. 30.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
31. 31.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
32. 32.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
33. 33.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
34. 34.A small business sells 28 jute bags at ₹45 each. What is its revenue (in ₹)?
35. 35.A small business sells 29 fruit cups at ₹50 each. What is its revenue (in ₹)?
36. 36.A small business selling cups of lemonade had a revenue of ₹630 and a profit of ₹120. What were its costs (in ₹)?
37. 37.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
38. 38.True or false: “a separate legal body” is true of a company. (a) False (b) True
39. 39.A small business selling bags of popcorn had a revenue of ₹2295 and a profit of ₹885. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it

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