Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 479 · 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) owner owes the debts (b) owners’ risk is limited (c) a separate legal body (d) run by directors
2. 2.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
3. 3.True or false: “owned by shareholders” is true of a company. (a) True (b) False
4. 4.A small business selling bags of popcorn had a revenue of ₹600 and a profit of ₹150. What were its costs (in ₹)?
5. 5.A small business selling painted pebbles had a revenue of ₹720 and a profit of ₹60. What were its costs (in ₹)?
6. 6.A small business sells 13 painted pebbles at ₹40 each. Its costs are ₹470. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
8. 8.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
9. 9.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
10. 10.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owners’ risk is limited
12. 12.A small business sells 37 potted plants at ₹25 each. Its costs are ₹50. What is its profit (in ₹)?
13. 13.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
14. 14.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
15. 15.True or false: “a separate legal body” is true of a company. (a) True (b) False
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) owner owes the debts
17. 17.A small business sells 41 paper bookmarks at ₹50 each. Its costs are ₹1120. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
19. 19.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
20. 20.A small business sells 25 jute bags at ₹25 each. Its costs are ₹300. What is its profit (in ₹)?
21. 21.A small business sells 30 painted pebbles at ₹20 each. Its costs are ₹180. What is its profit (in ₹)?
22. 22.True or false: “simplest to start” is true of a company. (a) True (b) False
23. 23.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
24. 24.A small business sells 26 clay diyas at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
25. 25.A small business sells 49 friendship bands at ₹5 each. What is its revenue (in ₹)?
26. 26.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 41 cups of lemonade at ₹45 each. Its costs are ₹890. What is its profit (in ₹)?
28. 28.A small business sells 16 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) a separate legal body
30. 30.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
31. 31.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) one owner runs it (d) owners’ risk is limited
32. 32.A small business sells 48 painted pebbles at ₹20 each. What is its revenue (in ₹)?
33. 33.A small business selling cupcakes had a revenue of ₹1100 and a profit of ₹950. What were its costs (in ₹)?
34. 34.A small business sells 35 cups of lemonade at ₹30 each. Its costs are ₹110. What is its profit (in ₹)?
35. 35.A small business sells 46 friendship bands at ₹45 each. What is its revenue (in ₹)?
36. 36.A small business selling friendship bands had a revenue of ₹800 and a profit of ₹320. What were its costs (in ₹)?
37. 37.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
38. 38.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
39. 39.A small business sells 49 handmade cards at ₹5 each. Its costs are ₹210. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company

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