Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 516 · 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) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) owner owes the debts
2. 2.A small business selling bags of popcorn had a revenue of ₹510 and a profit of ₹80. What were its costs (in ₹)?
3. 3.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
4. 4.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) owner keeps all profit (d) one owner runs it
5. 5.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
7. 7.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
8. 8.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
9. 9.A small business sells 38 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
11. 11.True or false: “owned by shareholders” is true of a company. (a) False (b) True
12. 12.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
13. 13.A small business sells 38 painted pebbles at ₹15 each. What is its revenue (in ₹)?
14. 14.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
15. 15.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
16. 16.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
17. 17.A small business selling painted pebbles had a revenue of ₹1600 and a profit of ₹50. What were its costs (in ₹)?
18. 18.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
19. 19.A small business sells 19 glasses of chai at ₹15 each. Its costs are ₹70. What is its profit (in ₹)?
20. 20.A small business selling bags of popcorn had a revenue of ₹1935 and a profit of ₹865. What were its costs (in ₹)?
21. 21.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
22. 22.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
23. 23.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
24. 24.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
27. 27.A small business sells 26 bags of popcorn at ₹35 each. Its costs are ₹320. What is its profit (in ₹)?
28. 28.A small business sells 10 handmade cards at ₹30 each. What is its revenue (in ₹)?
29. 29.A small business sells 16 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
31. 31.A small business selling potted plants had a revenue of ₹480 and a profit of ₹440. What were its costs (in ₹)?
32. 32.A small business selling painted pebbles had a revenue of ₹820 and a profit of ₹230. What were its costs (in ₹)?
33. 33.A small business sells 22 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
34. 34.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
35. 35.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
36. 36.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
37. 37.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
38. 38.A small business sells 59 glasses of chai at ₹15 each. Its costs are ₹510. What is its profit (in ₹)?
39. 39.True or false: “run by directors” is true of a sole trader. (a) False (b) True
40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False

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