Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 534 · 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.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
4. 4.A small business sells 49 potted plants at ₹50 each. Its costs are ₹1420. What is its profit (in ₹)?
5. 5.A small business selling handmade cards had a revenue of ₹145 and a profit of ₹105. What were its costs (in ₹)?
6. 6.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
7. 7.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
8. 8.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
9. 9.A small business sells 60 friendship bands at ₹50 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
11. 11.A small business sells 38 cupcakes at ₹50 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
13. 13.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
14. 14.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
15. 15.A small business selling handmade cards had a revenue of ₹2800 and a profit of ₹2320. What were its costs (in ₹)?
16. 16.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
17. 17.True or false: “owner owes the debts” is true of a company. (a) False (b) True
18. 18.True or false: “one owner runs it” is true of a company. (a) False (b) True
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) owner owes the debts
20. 20.A small business sells 10 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
22. 22.A small business selling clay diyas had a revenue of ₹1120 and a profit of ₹620. What were its costs (in ₹)?
23. 23.A small business sells 11 jute bags at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
24. 24.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
25. 25.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
26. 26.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
27. 27.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
28. 28.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
29. 29.A small business sells 48 glasses of chai at ₹30 each. What is its revenue (in ₹)?
30. 30.A small business selling painted pebbles had a revenue of ₹215 and a profit of ₹25. What were its costs (in ₹)?
31. 31.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
32. 32.A small business sells 52 clay diyas at ₹45 each. What is its revenue (in ₹)?
33. 33.True or false: “owned by shareholders” is true of a company. (a) False (b) True
34. 34.A small business selling friendship bands had a revenue of ₹1035 and a profit of ₹675. What were its costs (in ₹)?
35. 35.A small business selling paper bookmarks had a revenue of ₹1320 and a profit of ₹680. What were its costs (in ₹)?
36. 36.A small business sells 51 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
37. 37.True or false: “simplest to start” is true of a company. (a) False (b) True
38. 38.A small business selling potted plants had a revenue of ₹720 and a profit of ₹280. What were its costs (in ₹)?
39. 39.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
40. 40.True or false: “simplest to start” is true of a sole trader. (a) True (b) False

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