Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 524 · 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 owes the debts (b) a separate legal body (c) simplest to start (d) one owner runs it
2. 2.A small business sells 13 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
3. 3.A small business selling cupcakes had a revenue of ₹1410 and a profit of ₹360. What were its costs (in ₹)?
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) run by directors
5. 5.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
6. 6.A small business sells 25 clay diyas at ₹30 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
11. 11.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
12. 12.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
13. 13.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
14. 14.A small business sells 50 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
15. 15.A small business sells 42 handmade cards at ₹25 each. What is its revenue (in ₹)?
16. 16.A small business sells 33 potted plants at ₹40 each. What is its revenue (in ₹)?
17. 17.A small business sells 36 handmade cards at ₹5 each. What is its revenue (in ₹)?
18. 18.A small business selling glasses of chai had a revenue of ₹195 and a profit of ₹185. What were its costs (in ₹)?
19. 19.A small business sells 37 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
22. 22.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owned by shareholders
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) run by directors
25. 25.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
27. 27.A small business sells 47 glasses of chai at ₹30 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
29. 29.A small business sells 43 cupcakes at ₹30 each. What is its revenue (in ₹)?
30. 30.A small business selling handmade cards had a revenue of ₹870 and a profit of ₹120. What were its costs (in ₹)?
31. 31.A small business sells 55 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
33. 33.A small business sells 59 potted plants at ₹50 each. What is its revenue (in ₹)?
34. 34.A small business sells 30 handmade cards at ₹15 each. What is its revenue (in ₹)?
35. 35.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
36. 36.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 25 friendship bands at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
39. 39.True or false: “one owner runs it” is true of a company. (a) True (b) False
40. 40.A small business sells 59 glasses of chai at ₹15 each. Its costs are ₹740. What is its profit (in ₹)?

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