Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 597 · 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: “owned by shareholders” is true of a sole trader. (a) True (b) False
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
3. 3.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
4. 4.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owners’ risk is limited (d) owner owes the debts
5. 5.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
6. 6.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
7. 7.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) run by directors
8. 8.True or false: “a separate legal body” is true of a company. (a) False (b) True
9. 9.A small business selling cups of lemonade had a revenue of ₹705 and a profit of ₹645. What were its costs (in ₹)?
10. 10.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) simplest to start
11. 11.A small business sells 16 cupcakes at ₹25 each. What is its revenue (in ₹)?
12. 12.A small business sells 16 glasses of chai at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
13. 13.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
15. 15.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
16. 16.A small business sells 33 friendship bands at ₹45 each. Its costs are ₹1230. What is its profit (in ₹)?
17. 17.A small business sells 43 jute bags at ₹30 each. Its costs are ₹740. What is its profit (in ₹)?
18. 18.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
19. 19.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
20. 20.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
21. 21.A small business selling cups of lemonade had a revenue of ₹465 and a profit of ₹285. What were its costs (in ₹)?
22. 22.True or false: “owner owes the debts” is true of a company. (a) False (b) True
23. 23.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) simplest to start (d) owned by shareholders
24. 24.A small business sells 10 friendship bands at ₹5 each. What is its revenue (in ₹)?
25. 25.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
26. 26.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
27. 27.True or false: “owned by shareholders” is true of a company. (a) True (b) False
28. 28.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
29. 29.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
30. 30.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
31. 31.A small business sells 20 potted plants at ₹10 each. What is its revenue (in ₹)?
32. 32.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
33. 33.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
34. 34.A small business selling glasses of chai had a revenue of ₹925 and a profit of ₹435. What were its costs (in ₹)?
35. 35.A small business sells 35 jute bags at ₹30 each. Its costs are ₹970. What is its profit (in ₹)?
36. 36.A small business selling jute bags had a revenue of ₹1450 and a profit of ₹690. What were its costs (in ₹)?
37. 37.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
38. 38.A small business selling cups of lemonade had a revenue of ₹340 and a profit of ₹220. What were its costs (in ₹)?
39. 39.A small business sells 38 clay diyas at ₹25 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company

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