Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 501 · 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 company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
4. 4.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
5. 5.A small business sells 19 handmade cards at ₹20 each. Its costs are ₹110. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.A small business selling painted pebbles had a revenue of ₹1050 and a profit of ₹1000. What were its costs (in ₹)?
8. 8.A small business sells 14 cupcakes at ₹25 each. Its costs are ₹200. What is its profit (in ₹)?
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) owner keeps all profit
10. 10.A small business selling cups of lemonade had a revenue of ₹190 and a profit of ₹150. What were its costs (in ₹)?
11. 11.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
12. 12.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
13. 13.A small business sells 55 jute bags at ₹35 each. What is its revenue (in ₹)?
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
15. 15.A small business selling glasses of chai had a revenue of ₹750 and a profit of ₹280. What were its costs (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) simplest to start
17. 17.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
18. 18.True or false: “a separate legal body” is true of a company. (a) False (b) True
19. 19.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) one owner runs it
21. 21.A small business sells 15 jute bags at ₹15 each. Its costs are ₹40. What is its profit (in ₹)?
22. 22.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
23. 23.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
24. 24.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
25. 25.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) simplest to start (d) one owner runs it
26. 26.A small business selling bags of popcorn had a revenue of ₹800 and a profit of ₹550. What were its costs (in ₹)?
27. 27.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
28. 28.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
29. 29.A small business sells 59 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
30. 30.A small business sells 53 painted pebbles at ₹50 each. Its costs are ₹50. What is its profit (in ₹)?
31. 31.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
32. 32.A small business sells 42 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
33. 33.A small business sells 40 friendship bands at ₹50 each. What is its revenue (in ₹)?
34. 34.True or false: “owner owes the debts” is true of a company. (a) True (b) False
35. 35.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
36. 36.A small business selling paper bookmarks had a revenue of ₹760 and a profit of ₹510. What were its costs (in ₹)?
37. 37.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
38. 38.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner owes the debts
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
40. 40.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue

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