Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 564 · 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 keeps all profit (b) simplest to start (c) a separate legal body (d) owner owes the debts
2. 2.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
3. 3.A small business sells 36 fruit cups at ₹35 each. What is its revenue (in ₹)?
4. 4.A small business sells 31 cups of lemonade at ₹45 each. Its costs are ₹910. What is its profit (in ₹)?
5. 5.🎂 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
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
7. 7.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
8. 8.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner keeps all profit (d) simplest to start
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
10. 10.A small business sells 56 bags of popcorn at ₹25 each. Its costs are ₹680. What is its profit (in ₹)?
11. 11.A small business selling cups of lemonade had a revenue of ₹420 and a profit of ₹130. What were its costs (in ₹)?
12. 12.A small business selling painted pebbles had a revenue of ₹1575 and a profit of ₹205. What were its costs (in ₹)?
13. 13.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
14. 14.True or false: “owned by shareholders” is true of a company. (a) True (b) False
15. 15.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
16. 16.A small business selling paper bookmarks had a revenue of ₹875 and a profit of ₹865. What were its costs (in ₹)?
17. 17.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
18. 18.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) run by directors (d) owner owes the debts
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner keeps all profit (d) owned by shareholders
20. 20.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
21. 21.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
22. 22.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
23. 23.True or false: “run by directors” is true of a sole trader. (a) True (b) False
24. 24.A small business sells 11 potted plants at ₹5 each. What is its revenue (in ₹)?
25. 25.A small business sells 13 painted pebbles at ₹30 each. What is its revenue (in ₹)?
26. 26.A small business selling cups of lemonade had a revenue of ₹960 and a profit of ₹780. What were its costs (in ₹)?
27. 27.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) one owner runs it
28. 28.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
29. 29.A small business sells 36 clay diyas at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
30. 30.A small business sells 16 handmade cards at ₹15 each. Its costs are ₹190. What is its profit (in ₹)?
31. 31.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
32. 32.True or false: “one owner runs it” is true of a company. (a) False (b) True
33. 33.A small business sells 59 clay diyas at ₹25 each. Its costs are ₹500. What is its profit (in ₹)?
34. 34.A small business sells 27 fruit cups at ₹50 each. What is its revenue (in ₹)?
35. 35.True or false: “owner owes the debts” is true of a company. (a) True (b) False
36. 36.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
37. 37.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
38. 38.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
39. 39.A small business sells 18 friendship bands at ₹45 each. Its costs are ₹500. What is its profit (in ₹)?
40. 40.True or false: “a separate legal body” is true of a company. (a) False (b) True

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