Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 521 · 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.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
2. 2.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) one owner runs it
4. 4.A small business sells 46 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
6. 6.A small business sells 60 handmade cards at ₹10 each. What is its revenue (in ₹)?
7. 7.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
8. 8.A small business sells 20 glasses of chai at ₹20 each. What is its revenue (in ₹)?
9. 9.A small business sells 13 cups of lemonade at ₹35 each. Its costs are ₹180. What is its profit (in ₹)?
10. 10.True or false: “owner owes the debts” is true of a company. (a) False (b) True
11. 11.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) simplest to start (d) one owner runs it
12. 12.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
13. 13.A small business sells 43 clay diyas at ₹10 each. What is its revenue (in ₹)?
14. 14.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
15. 15.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
16. 16.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owners’ risk is limited (d) a separate legal body
17. 17.A small business sells 19 clay diyas at ₹25 each. What is its revenue (in ₹)?
18. 18.A small business selling jute bags had a revenue of ₹640 and a profit of ₹190. What were its costs (in ₹)?
19. 19.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) owned by shareholders (d) run by directors
20. 20.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
21. 21.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
22. 22.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
23. 23.True or false: “owned by shareholders” is true of a company. (a) False (b) True
24. 24.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
25. 25.True or false: “run by directors” is true of a company. (a) True (b) False
26. 26.A small business selling jute bags had a revenue of ₹870 and a profit of ₹660. What were its costs (in ₹)?
27. 27.A small business sells 21 potted plants at ₹5 each. What is its revenue (in ₹)?
28. 28.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
29. 29.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
31. 31.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
32. 32.A small business selling glasses of chai had a revenue of ₹720 and a profit of ₹10. What were its costs (in ₹)?
33. 33.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
34. 34.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
35. 35.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
36. 36.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
37. 37.A small business sells 10 jute bags at ₹20 each. Its costs are ₹40. What is its profit (in ₹)?
38. 38.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
39. 39.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
40. 40.A small business sells 31 friendship bands at ₹40 each. Its costs are ₹350. What is its profit (in ₹)?

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