Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 470 · 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: “simplest to start” is true of a company. (a) True (b) False
2. 2.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
4. 4.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
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 58 glasses of chai at ₹20 each. Its costs are ₹930. What is its profit (in ₹)?
9. 9.📜 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
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
11. 11.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
12. 12.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
13. 13.A small business sells 47 jute bags at ₹5 each. What is its revenue (in ₹)?
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) one owner runs it
15. 15.A small business sells 47 bags of popcorn at ₹50 each. Its costs are ₹960. What is its profit (in ₹)?
16. 16.🎂 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
17. 17.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
18. 18.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) run by directors
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
20. 20.A small business sells 28 fruit cups at ₹50 each. What is its revenue (in ₹)?
21. 21.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
22. 22.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) owner keeps all profit
23. 23.A small business sells 39 friendship bands at ₹10 each. Its costs are ₹250. What is its profit (in ₹)?
24. 24.A small business sells 29 glasses of chai at ₹10 each. What is its revenue (in ₹)?
25. 25.A small business selling potted plants had a revenue of ₹300 and a profit of ₹130. What were its costs (in ₹)?
26. 26.A small business sells 23 bags of popcorn at ₹30 each. Its costs are ₹390. What is its profit (in ₹)?
27. 27.A small business selling handmade cards had a revenue of ₹1080 and a profit of ₹360. What were its costs (in ₹)?
28. 28.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
30. 30.A small business sells 15 handmade cards at ₹30 each. What is its revenue (in ₹)?
31. 31.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
32. 32.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit
33. 33.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
34. 34.True or false: “owned by shareholders” is true of a company. (a) False (b) True
35. 35.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) simplest to start
36. 36.A small business selling jute bags had a revenue of ₹1190 and a profit of ₹1140. What were its costs (in ₹)?
37. 37.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
38. 38.A small business sells 55 fruit cups at ₹15 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owners’ risk is limited
40. 40.A small business sells 59 clay diyas at ₹30 each. What is its revenue (in ₹)?

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