Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 522 · 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.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
2. 2.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) simplest to start
5. 5.A small business sells 12 cupcakes at ₹35 each. What is its revenue (in ₹)?
6. 6.A small business sells 39 friendship bands at ₹10 each. Its costs are ₹260. What is its profit (in ₹)?
7. 7.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
8. 8.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
9. 9.True or false: “owned by shareholders” is true of a company. (a) True (b) False
10. 10.True or false: “one owner runs it” is true of a company. (a) False (b) True
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
13. 13.True or false: “owner owes the debts” is true of a company. (a) True (b) False
14. 14.A small business selling cups of lemonade had a revenue of ₹155 and a profit of ₹95. What were its costs (in ₹)?
15. 15.A small business selling painted pebbles had a revenue of ₹1640 and a profit of ₹150. What were its costs (in ₹)?
16. 16.A small business sells 34 friendship bands at ₹35 each. Its costs are ₹270. What is its profit (in ₹)?
17. 17.A small business sells 39 friendship bands at ₹30 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner keeps all profit (d) owned by shareholders
19. 19.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
20. 20.A small business sells 21 painted pebbles at ₹35 each. Its costs are ₹670. What is its profit (in ₹)?
21. 21.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
22. 22.Which of these is true of a company? (a) run by directors (b) simplest to start (c) one owner runs it (d) owner owes the debts
23. 23.A small business sells 28 handmade cards at ₹15 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
25. 25.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
26. 26.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
27. 27.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
28. 28.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
29. 29.A small business sells 25 fruit cups at ₹35 each. Its costs are ₹550. What is its profit (in ₹)?
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
31. 31.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
32. 32.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
33. 33.True or false: “simplest to start” is true of a company. (a) False (b) True
34. 34.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
35. 35.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
36. 36.True or false: “a separate legal body” is true of a company. (a) False (b) True
37. 37.A small business sells 27 jute bags at ₹45 each. What is its revenue (in ₹)?
38. 38.A small business sells 43 jute bags at ₹50 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
40. 40.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company

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