Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 500 · 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) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
2. 2.True or false: “a separate legal body” is true of a company. (a) False (b) True
3. 3.A small business sells 53 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
6. 6.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
7. 7.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
8. 8.A small business sells 53 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
9. 9.A small business selling cups of lemonade had a revenue of ₹2120 and a profit of ₹1410. What were its costs (in ₹)?
10. 10.True or false: “owner owes the debts” is true of a company. (a) True (b) False
11. 11.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
12. 12.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
13. 13.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.True or false: “one owner runs it” is true of a company. (a) True (b) False
16. 16.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
17. 17.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
18. 18.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
19. 19.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
20. 20.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
21. 21.A small business sells 60 clay diyas at ₹40 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
23. 23.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
25. 25.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
26. 26.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
27. 27.A small business sells 57 fruit cups at ₹25 each. Its costs are ₹490. What is its profit (in ₹)?
28. 28.A small business sells 15 painted pebbles at ₹50 each. What is its revenue (in ₹)?
29. 29.A small business sells 47 friendship bands at ₹50 each. Its costs are ₹230. What is its profit (in ₹)?
30. 30.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
31. 31.A small business sells 46 cups of lemonade at ₹30 each. Its costs are ₹250. What is its profit (in ₹)?
32. 32.A small business sells 19 jute bags at ₹25 each. What is its revenue (in ₹)?
33. 33.A small business sells 36 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
34. 34.📜 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
35. 35.A small business sells 12 painted pebbles at ₹5 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
37. 37.A small business sells 12 potted plants at ₹30 each. What is its revenue (in ₹)?
38. 38.A small business selling painted pebbles had a revenue of ₹1560 and a profit of ₹360. What were its costs (in ₹)?
39. 39.True or false: “owned by shareholders” is true of a company. (a) False (b) True
40. 40.A small business sells 27 clay diyas at ₹50 each. Its costs are ₹210. What is its profit (in ₹)?

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