Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 551 · 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 sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) simplest to start
2. 2.A small business selling fruit cups had a revenue of ₹270 and a profit of ₹230. What were its costs (in ₹)?
3. 3.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
4. 4.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
5. 5.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
6. 6.A small business sells 33 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owned by shareholders (d) a separate legal body
8. 8.📜 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
9. 9.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.True or false: “one owner runs it” is true of a company. (a) False (b) True
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.A small business sells 32 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
17. 17.A small business sells 53 glasses of chai at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
18. 18.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 24 glasses of chai at ₹5 each. What is its revenue (in ₹)?
20. 20.A small business sells 28 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
22. 22.A small business selling cupcakes had a revenue of ₹300 and a profit of ₹10. What were its costs (in ₹)?
23. 23.True or false: “owner owes the debts” is true of a company. (a) False (b) True
24. 24.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
25. 25.A small business sells 49 paper bookmarks at ₹10 each. Its costs are ₹210. What is its profit (in ₹)?
26. 26.A small business sells 43 potted plants at ₹20 each. Its costs are ₹30. What is its profit (in ₹)?
27. 27.A small business sells 18 handmade cards at ₹30 each. Its costs are ₹10. What is its profit (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) run by directors
29. 29.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
30. 30.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
31. 31.A small business sells 15 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
33. 33.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
34. 34.A small business sells 18 friendship bands at ₹35 each. What is its revenue (in ₹)?
35. 35.A small business sells 19 jute bags at ₹15 each. What is its revenue (in ₹)?
36. 36.True or false: “run by directors” is true of a company. (a) False (b) True
37. 37.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
38. 38.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner keeps all profit
39. 39.A small business sells 26 glasses of chai at ₹15 each. Its costs are ₹290. What is its profit (in ₹)?
40. 40.A small business selling cupcakes had a revenue of ₹75 and a profit of ₹65. What were its costs (in ₹)?

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