Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 59 · 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.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
2. 2.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
3. 3.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
4. 4.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
5. 5.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
7. 7.A small business sells 52 friendship bands at ₹45 each. What is its revenue (in ₹)?
8. 8.A small business sells 43 painted pebbles at ₹45 each. What is its revenue (in ₹)?
9. 9.A small business sells 11 bags of popcorn at ₹50 each. Its costs are ₹180. What is its profit (in ₹)?
10. 10.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
11. 11.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
12. 12.True or false: “a separate legal body” is true of a company. (a) False (b) True
13. 13.A small business sells 23 handmade cards at ₹20 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
15. 15.A small business sells 13 cups of lemonade at ₹30 each. Its costs are ₹90. What is its profit (in ₹)?
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.A small business sells 52 friendship bands at ₹15 each. What is its revenue (in ₹)?
18. 18.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
19. 19.A small business selling potted plants had a revenue of ₹140 and a profit of ₹10. What were its costs (in ₹)?
20. 20.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) simplest to start (d) one owner runs it
21. 21.A small business sells 22 fruit cups at ₹25 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.A small business sells 27 glasses of chai at ₹10 each. What is its revenue (in ₹)?
24. 24.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
25. 25.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
26. 26.True or false: “one owner runs it” is true of a company. (a) True (b) False
27. 27.A small business selling cups of lemonade had a revenue of ₹1200 and a profit of ₹360. What were its costs (in ₹)?
28. 28.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
29. 29.A small business selling jute bags had a revenue of ₹765 and a profit of ₹635. What were its costs (in ₹)?
30. 30.A small business selling cups of lemonade had a revenue of ₹2655 and a profit of ₹1725. What were its costs (in ₹)?
31. 31.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
32. 32.A small business sells 14 painted pebbles at ₹20 each. Its costs are ₹30. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
35. 35.A small business sells 27 bags of popcorn at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
36. 36.A small business selling handmade cards had a revenue of ₹275 and a profit of ₹185. What were its costs (in ₹)?
37. 37.A small business selling handmade cards had a revenue of ₹270 and a profit of ₹250. What were its costs (in ₹)?
38. 38.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) a separate legal body
39. 39.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
40. 40.A small business sells 10 clay diyas at ₹40 each. Its costs are ₹80. What is its profit (in ₹)?

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