Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 520 · 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) owner owes the debts (c) run by directors (d) owners’ risk is limited
2. 2.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
3. 3.A small business selling handmade cards had a revenue of ₹400 and a profit of ₹160. What were its costs (in ₹)?
4. 4.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
5. 5.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
6. 6.A small business sells 35 cupcakes at ₹20 each. Its costs are ₹210. What is its profit (in ₹)?
7. 7.True or false: “run by directors” is true of a company. (a) True (b) False
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
9. 9.A small business selling paper bookmarks had a revenue of ₹390 and a profit of ₹130. What were its costs (in ₹)?
10. 10.A small business sells 56 potted plants at ₹35 each. What is its revenue (in ₹)?
11. 11.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) owners’ risk is limited
12. 12.A small business sells 40 cups of lemonade at ₹35 each. Its costs are ₹1320. What is its profit (in ₹)?
13. 13.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
15. 15.A small business sells 43 jute bags at ₹25 each. Its costs are ₹500. What is its profit (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
17. 17.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owned by shareholders (d) owner owes the debts
18. 18.A small business sells 12 handmade cards at ₹5 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
20. 20.A small business sells 25 painted pebbles at ₹45 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
22. 22.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
23. 23.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
24. 24.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owned by shareholders (d) a separate legal body
25. 25.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
26. 26.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
27. 27.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
28. 28.A small business sells 24 glasses of chai at ₹25 each. What is its revenue (in ₹)?
29. 29.A small business sells 60 clay diyas at ₹15 each. Its costs are ₹650. What is its profit (in ₹)?
30. 30.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
31. 31.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
32. 32.A small business sells 21 handmade cards at ₹5 each. What is its revenue (in ₹)?
33. 33.A small business selling potted plants had a revenue of ₹585 and a profit of ₹145. What were its costs (in ₹)?
34. 34.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
35. 35.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
36. 36.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
37. 37.A small business sells 20 potted plants at ₹50 each. What is its revenue (in ₹)?
38. 38.A small business sells 13 potted plants at ₹35 each. Its costs are ₹50. What is its profit (in ₹)?
39. 39.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
40. 40.True or false: “a separate legal body” is true of a company. (a) True (b) False

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