Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 488 · 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.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.True or false: “owner owes the debts” is true of a company. (a) False (b) True
4. 4.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
5. 5.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) simplest to start (d) one owner runs it
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
10. 10.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
11. 11.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
12. 12.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) simplest to start
13. 13.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
14. 14.A small business sells 22 jute bags at ₹20 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
16. 16.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
17. 17.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
18. 18.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
19. 19.A small business selling friendship bands had a revenue of ₹850 and a profit of ₹610. What were its costs (in ₹)?
20. 20.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
21. 21.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
22. 22.A small business selling potted plants had a revenue of ₹925 and a profit of ₹535. What were its costs (in ₹)?
23. 23.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
24. 24.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
25. 25.A small business sells 15 painted pebbles at ₹40 each. Its costs are ₹100. What is its profit (in ₹)?
26. 26.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
27. 27.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
28. 28.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
29. 29.A small business sells 18 bags of popcorn at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
30. 30.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
31. 31.A small business selling handmade cards had a revenue of ₹450 and a profit of ₹410. What were its costs (in ₹)?
32. 32.A small business sells 53 paper bookmarks at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
33. 33.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
34. 34.A small business sells 18 clay diyas at ₹40 each. Its costs are ₹520. What is its profit (in ₹)?
35. 35.A small business selling painted pebbles had a revenue of ₹850 and a profit of ₹500. What were its costs (in ₹)?
36. 36.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
37. 37.A small business sells 31 cupcakes at ₹30 each. Its costs are ₹750. What is its profit (in ₹)?
38. 38.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
39. 39.A small business selling cupcakes had a revenue of ₹1950 and a profit of ₹460. What were its costs (in ₹)?
40. 40.A small business sells 43 painted pebbles at ₹35 each. What is its revenue (in ₹)?

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