Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 530 · 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.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
2. 2.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.A small business selling fruit cups had a revenue of ₹990 and a profit of ₹120. What were its costs (in ₹)?
5. 5.A small business sells 21 potted plants at ₹20 each. Its costs are ₹70. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
7. 7.A small business sells 45 jute bags at ₹50 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) owned by shareholders
9. 9.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
10. 10.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
11. 11.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
12. 12.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
13. 13.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
14. 14.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
15. 15.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
16. 16.True or false: “owner owes the debts” is true of a company. (a) False (b) True
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) a separate legal body (d) simplest to start
19. 19.True or false: “a separate legal body” is true of a company. (a) True (b) False
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.A small business selling jute bags had a revenue of ₹130 and a profit of ₹90. What were its costs (in ₹)?
24. 24.A small business sells 14 potted plants at ₹50 each. What is its revenue (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) run by directors
26. 26.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.A small business sells 26 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
29. 29.A small business selling bags of popcorn had a revenue of ₹455 and a profit of ₹345. What were its costs (in ₹)?
30. 30.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner keeps all profit (d) owners’ risk is limited
31. 31.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
32. 32.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
33. 33.A small business sells 21 fruit cups at ₹5 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) owner owes the debts
35. 35.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
36. 36.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
37. 37.A small business sells 49 clay diyas at ₹35 each. What is its revenue (in ₹)?
38. 38.A small business sells 34 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
39. 39.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
40. 40.A small business sells 45 paper bookmarks at ₹20 each. What is its revenue (in ₹)?

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