Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 477 · 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.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owned by shareholders (d) a separate legal body
2. 2.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
3. 3.True or false: “run by directors” is true of a company. (a) True (b) False
4. 4.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
5. 5.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
6. 6.A small business sells 51 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
7. 7.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
8. 8.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
11. 11.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
12. 12.A small business selling cupcakes had a revenue of ₹170 and a profit of ₹60. What were its costs (in ₹)?
13. 13.A small business sells 30 glasses of chai at ₹50 each. What is its revenue (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.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
17. 17.A small business sells 16 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
18. 18.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 21 handmade cards at ₹5 each. What is its revenue (in ₹)?
20. 20.A small business sells 52 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
21. 21.A small business sells 17 glasses of chai at ₹35 each. What is its revenue (in ₹)?
22. 22.True or false: “owned by shareholders” is true of a company. (a) False (b) True
23. 23.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
26. 26.A small business selling jute bags had a revenue of ₹690 and a profit of ₹50. What were its costs (in ₹)?
27. 27.A small business sells 20 cups of lemonade at ₹25 each. Its costs are ₹390. What is its profit (in ₹)?
28. 28.A small business selling cups of lemonade had a revenue of ₹500 and a profit of ₹220. What were its costs (in ₹)?
29. 29.A small business selling clay diyas had a revenue of ₹1320 and a profit of ₹10. What were its costs (in ₹)?
30. 30.A small business selling glasses of chai had a revenue of ₹375 and a profit of ₹45. What were its costs (in ₹)?
31. 31.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
32. 32.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner keeps all profit (d) one owner runs it
33. 33.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
34. 34.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
35. 35.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
36. 36.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
37. 37.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
39. 39.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
40. 40.A small business sells 52 cups of lemonade at ₹15 each. What is its revenue (in ₹)?

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