Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 485 · 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: “run by directors” is true of a company. (a) True (b) False
2. 2.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
3. 3.A small business sells 25 jute bags at ₹30 each. What is its revenue (in ₹)?
4. 4.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) owned by shareholders
7. 7.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
8. 8.True or false: “run by directors” is true of a sole trader. (a) False (b) True
9. 9.A small business sells 46 fruit cups at ₹30 each. Its costs are ₹100. What is its profit (in ₹)?
10. 10.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
11. 11.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
12. 12.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
13. 13.📜 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
14. 14.A small business sells 33 painted pebbles at ₹50 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
16. 16.A small business sells 36 glasses of chai at ₹10 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) run by directors (d) a separate legal body
18. 18.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 32 handmade cards at ₹30 each. What is its revenue (in ₹)?
20. 20.A small business sells 12 handmade cards at ₹10 each. What is its revenue (in ₹)?
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
22. 22.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
23. 23.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
24. 24.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
25. 25.A small business sells 44 friendship bands at ₹10 each. Its costs are ₹350. What is its profit (in ₹)?
26. 26.A small business sells 15 clay diyas at ₹25 each. What is its revenue (in ₹)?
27. 27.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
28. 28.True or false: “owned by shareholders” is true of a company. (a) False (b) True
29. 29.A small business selling paper bookmarks had a revenue of ₹275 and a profit of ₹75. What were its costs (in ₹)?
30. 30.A small business selling cupcakes had a revenue of ₹2385 and a profit of ₹205. What were its costs (in ₹)?
31. 31.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) simplest to start (d) one owner runs it
32. 32.A small business sells 52 potted plants at ₹40 each. What is its revenue (in ₹)?
33. 33.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
34. 34.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
35. 35.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owned by shareholders (d) run by directors
36. 36.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
37. 37.True or false: “simplest to start” is true of a company. (a) False (b) True
38. 38.A small business sells 29 bags of popcorn at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
39. 39.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False

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