Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 492 · 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: owned by shareholders? (a) a company (b) a sole trader
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
4. 4.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner keeps all profit (d) simplest to start
5. 5.A small business sells 16 handmade cards at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) owned by shareholders
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) one owner runs it
8. 8.A small business sells 44 glasses of chai at ₹15 each. Its costs are ₹580. What is its profit (in ₹)?
9. 9.A small business sells 39 clay diyas at ₹15 each. What is its revenue (in ₹)?
10. 10.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
11. 11.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) one owner runs it
12. 12.A small business sells 51 cupcakes at ₹20 each. Its costs are ₹790. What is its profit (in ₹)?
13. 13.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) owned by shareholders (d) run by directors
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.A small business selling painted pebbles had a revenue of ₹375 and a profit of ₹235. What were its costs (in ₹)?
16. 16.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) owner owes the debts
17. 17.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
19. 19.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
20. 20.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
21. 21.A small business selling handmade cards had a revenue of ₹880 and a profit of ₹250. What were its costs (in ₹)?
22. 22.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
23. 23.A small business sells 45 fruit cups at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
25. 25.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
26. 26.A small business sells 32 glasses of chai at ₹20 each. Its costs are ₹460. What is its profit (in ₹)?
27. 27.A small business selling handmade cards had a revenue of ₹460 and a profit of ₹430. What were its costs (in ₹)?
28. 28.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
29. 29.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) run by directors (d) owners’ risk is limited
30. 30.A small business selling painted pebbles had a revenue of ₹720 and a profit of ₹570. What were its costs (in ₹)?
31. 31.True or false: “a separate legal body” is true of a company. (a) False (b) True
32. 32.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
33. 33.A small business sells 10 cupcakes at ₹45 each. What is its revenue (in ₹)?
34. 34.A small business sells 29 handmade cards at ₹15 each. Its costs are ₹100. What is its profit (in ₹)?
35. 35.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
36. 36.A small business sells 33 cupcakes at ₹5 each. What is its revenue (in ₹)?
37. 37.A small business sells 57 handmade cards at ₹25 each. What is its revenue (in ₹)?
38. 38.A small business sells 50 potted plants at ₹30 each. Its costs are ₹150. What is its profit (in ₹)?
39. 39.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
40. 40.A small business selling glasses of chai had a revenue of ₹560 and a profit of ₹330. What were its costs (in ₹)?

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