Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 565 · 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 company (b) a sole trader
2. 2.True or false: “owned by shareholders” is true of a company. (a) False (b) True
3. 3.A small business sells 36 fruit cups at ₹40 each. Its costs are ₹600. What is its profit (in ₹)?
4. 4.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
5. 5.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
6. 6.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
7. 7.A small business selling cupcakes had a revenue of ₹810 and a profit of ₹220. What were its costs (in ₹)?
8. 8.A small business sells 58 cupcakes at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
9. 9.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
10. 10.True or false: “owner owes the debts” is true of a company. (a) False (b) True
11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
12. 12.True or false: “one owner runs it” is true of a company. (a) False (b) True
13. 13.A small business sells 44 potted plants at ₹5 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
16. 16.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
17. 17.A small business sells 10 glasses of chai at ₹40 each. Its costs are ₹60. What is its profit (in ₹)?
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 19 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) simplest to start
21. 21.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
22. 22.A small business selling fruit cups had a revenue of ₹590 and a profit of ₹330. What were its costs (in ₹)?
23. 23.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
24. 24.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
25. 25.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
27. 27.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
28. 28.A small business selling bags of popcorn had a revenue of ₹70 and a profit of ₹40. What were its costs (in ₹)?
29. 29.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
30. 30.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) one owner runs it
31. 31.A small business sells 45 potted plants at ₹10 each. Its costs are ₹420. What is its profit (in ₹)?
32. 32.A small business sells 37 potted plants at ₹25 each. Its costs are ₹350. What is its profit (in ₹)?
33. 33.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
34. 34.A small business sells 10 cupcakes at ₹45 each. What is its revenue (in ₹)?
35. 35.A small business sells 30 glasses of chai at ₹5 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) a separate legal body (d) owners’ risk is limited
37. 37.A small business sells 56 fruit cups at ₹50 each. What is its revenue (in ₹)?
38. 38.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
39. 39.A small business sells 37 painted pebbles at ₹25 each. Its costs are ₹390. What is its profit (in ₹)?
40. 40.True or false: “simplest to start” is true of a sole trader. (a) True (b) False

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