Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 495 · 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: run by directors? (a) a company (b) a sole trader
2. 2.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) owner keeps all profit (d) simplest to start
3. 3.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
4. 4.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.A small business sells 19 cupcakes at ₹40 each. What is its revenue (in ₹)?
7. 7.A small business sells 23 jute bags at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
9. 9.A small business sells 24 friendship bands at ₹45 each. What is its revenue (in ₹)?
10. 10.True or false: “owned by shareholders” is true of a company. (a) True (b) False
11. 11.A small business sells 48 painted pebbles at ₹45 each. What is its revenue (in ₹)?
12. 12.True or false: “simplest to start” is true of a company. (a) True (b) False
13. 13.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
14. 14.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
15. 15.A small business sells 39 potted plants at ₹15 each. What is its revenue (in ₹)?
16. 16.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
17. 17.A small business sells 44 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
19. 19.A small business selling clay diyas had a revenue of ₹290 and a profit of ₹200. What were its costs (in ₹)?
20. 20.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
21. 21.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
22. 22.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
23. 23.A small business selling jute bags had a revenue of ₹665 and a profit of ₹175. What were its costs (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner keeps all profit
26. 26.A small business sells 54 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
28. 28.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
30. 30.A small business sells 43 jute bags at ₹45 each. Its costs are ₹1330. What is its profit (in ₹)?
31. 31.True or false: “run by directors” is true of a sole trader. (a) True (b) False
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
33. 33.A small business selling jute bags had a revenue of ₹260 and a profit of ₹60. What were its costs (in ₹)?
34. 34.A small business selling potted plants had a revenue of ₹255 and a profit of ₹185. What were its costs (in ₹)?
35. 35.A small business sells 38 bags of popcorn at ₹30 each. Its costs are ₹430. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
37. 37.True or false: “run by directors” is true of a company. (a) False (b) True
38. 38.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
39. 39.A small business sells 13 cupcakes at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
40. 40.A small business selling friendship bands had a revenue of ₹940 and a profit of ₹470. What were its costs (in ₹)?

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