Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 527 · 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.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
2. 2.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
3. 3.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
4. 4.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
5. 5.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
7. 7.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
11. 11.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
13. 13.True or false: “owned by shareholders” is true of a company. (a) True (b) False
14. 14.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
15. 15.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
16. 16.True or false: “run by directors” is true of a sole trader. (a) True (b) False
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner keeps all profit (d) a separate legal body
18. 18.A small business sells 37 painted pebbles at ₹50 each. What is its revenue (in ₹)?
19. 19.True or false: “run by directors” is true of a company. (a) False (b) True
20. 20.A small business sells 33 fruit cups at ₹45 each. Its costs are ₹60. What is its profit (in ₹)?
21. 21.A small business selling clay diyas had a revenue of ₹150 and a profit of ₹80. What were its costs (in ₹)?
22. 22.A small business sells 47 cups of lemonade at ₹30 each. Its costs are ₹1130. What is its profit (in ₹)?
23. 23.A small business sells 18 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
25. 25.True or false: “a separate legal body” is true of a company. (a) True (b) False
26. 26.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
27. 27.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
29. 29.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
30. 30.A small business sells 13 clay diyas at ₹35 each. What is its revenue (in ₹)?
31. 31.A small business sells 56 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
32. 32.A small business selling cups of lemonade had a revenue of ₹725 and a profit of ₹355. What were its costs (in ₹)?
33. 33.A small business selling fruit cups had a revenue of ₹1080 and a profit of ₹730. What were its costs (in ₹)?
34. 34.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) owned by shareholders
35. 35.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
36. 36.A small business selling painted pebbles had a revenue of ₹2430 and a profit of ₹2400. What were its costs (in ₹)?
37. 37.A small business sells 52 friendship bands at ₹25 each. Its costs are ₹1270. What is its profit (in ₹)?
38. 38.A small business sells 16 handmade cards at ₹45 each. What is its revenue (in ₹)?
39. 39.A small business selling fruit cups had a revenue of ₹720 and a profit of ₹630. What were its costs (in ₹)?
40. 40.A small business sells 11 handmade cards at ₹10 each. What is its revenue (in ₹)?

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