Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 584 · 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: “simplest to start” is true of a sole trader. (a) True (b) False
2. 2.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owners’ risk is limited
3. 3.Which of these is true of a company? (a) run by directors (b) simplest to start (c) one owner runs it (d) owner owes the debts
4. 4.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
5. 5.A small business sells 43 potted plants at ₹40 each. What is its revenue (in ₹)?
6. 6.True or false: “simplest to start” is true of a company. (a) True (b) False
7. 7.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
8. 8.A small business selling fruit cups had a revenue of ₹1035 and a profit of ₹405. What were its costs (in ₹)?
9. 9.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
10. 10.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) owned by shareholders (d) run by directors
11. 11.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
12. 12.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
13. 13.A small business sells 47 cups of lemonade at ₹30 each. Its costs are ₹950. What is its profit (in ₹)?
14. 14.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
15. 15.A small business sells 17 handmade cards at ₹25 each. What is its revenue (in ₹)?
16. 16.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
17. 17.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
19. 19.A small business sells 10 handmade cards at ₹5 each. What is its revenue (in ₹)?
20. 20.A small business sells 15 painted pebbles at ₹20 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
22. 22.True or false: “owned by shareholders” is true of a company. (a) False (b) True
23. 23.A small business sells 60 bags of popcorn at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
24. 24.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
25. 25.A small business sells 24 painted pebbles at ₹45 each. Its costs are ₹50. What is its profit (in ₹)?
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
28. 28.True or false: “run by directors” is true of a sole trader. (a) False (b) True
29. 29.A small business sells 53 painted pebbles at ₹25 each. Its costs are ₹1160. What is its profit (in ₹)?
30. 30.A small business sells 57 friendship bands at ₹10 each. Its costs are ₹330. What is its profit (in ₹)?
31. 31.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
32. 32.True or false: “run by directors” is true of a company. (a) True (b) False
33. 33.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
34. 34.True or false: “a separate legal body” is true of a company. (a) True (b) False
35. 35.A small business sells 20 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
36. 36.A small business sells 39 jute bags at ₹40 each. What is its revenue (in ₹)?
37. 37.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
38. 38.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner keeps all profit
39. 39.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
40. 40.A small business selling friendship bands had a revenue of ₹270 and a profit of ₹30. What were its costs (in ₹)?

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