Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 596 · 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.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
3. 3.True or false: “owned by shareholders” is true of a company. (a) False (b) True
4. 4.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.A small business sells 55 paper bookmarks at ₹45 each. Its costs are ₹1410. What is its profit (in ₹)?
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) simplest to start
9. 9.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
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
11. 11.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
12. 12.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
13. 13.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) one owner runs it
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
16. 16.A small business selling jute bags had a revenue of ₹1645 and a profit of ₹1305. What were its costs (in ₹)?
17. 17.True or false: “one owner runs it” is true of a company. (a) False (b) True
18. 18.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
19. 19.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
20. 20.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
21. 21.A small business sells 12 glasses of chai at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
22. 22.True or false: “simplest to start” is true of a company. (a) False (b) True
23. 23.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.True or false: “run by directors” is true of a sole trader. (a) True (b) False
26. 26.True or false: “owner owes the debts” is true of a company. (a) True (b) False
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
28. 28.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
29. 29.A small business sells 49 potted plants at ₹10 each. Its costs are ₹230. What is its profit (in ₹)?
30. 30.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
31. 31.A small business sells 52 fruit cups at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
32. 32.A small business sells 17 fruit cups at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
33. 33.A small business sells 17 cups of lemonade at ₹15 each. Its costs are ₹190. What is its profit (in ₹)?
34. 34.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
35. 35.A small business sells 24 fruit cups at ₹30 each. What is its revenue (in ₹)?
36. 36.A small business sells 18 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
37. 37.A small business sells 59 cups of lemonade at ₹45 each. Its costs are ₹840. What is its profit (in ₹)?
38. 38.A small business selling fruit cups had a revenue of ₹880 and a profit of ₹110. What were its costs (in ₹)?
39. 39.A small business sells 10 potted plants at ₹20 each. Its costs are ₹160. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader

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