Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 61 · 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: owners’ risk is limited? (a) a company (b) a sole trader
2. 2.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
3. 3.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
4. 4.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
5. 5.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
6. 6.A small business sells 54 glasses of chai at ₹10 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) run by directors
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
10. 10.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
11. 11.A small business sells 20 bags of popcorn at ₹45 each. Its costs are ₹170. What is its profit (in ₹)?
12. 12.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
13. 13.A small business sells 26 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
14. 14.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
15. 15.True or false: “owner owes the debts” is true of a company. (a) True (b) False
16. 16.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
17. 17.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
18. 18.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
19. 19.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) run by directors
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) one owner runs it
21. 21.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
22. 22.A small business sells 49 cupcakes at ₹40 each. Its costs are ₹1090. What is its profit (in ₹)?
23. 23.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
24. 24.A small business selling friendship bands had a revenue of ₹1260 and a profit of ₹80. What were its costs (in ₹)?
25. 25.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
26. 26.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
27. 27.A small business sells 39 painted pebbles at ₹35 each. Its costs are ₹660. What is its profit (in ₹)?
28. 28.A small business sells 20 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
29. 29.A small business sells 43 clay diyas at ₹50 each. What is its revenue (in ₹)?
30. 30.A small business sells 34 glasses of chai at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business selling paper bookmarks had a revenue of ₹2850 and a profit of ₹1320. What were its costs (in ₹)?
32. 32.True or false: “run by directors” is true of a sole trader. (a) False (b) True
33. 33.A small business sells 34 glasses of chai at ₹25 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
35. 35.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
36. 36.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner keeps all profit
37. 37.True or false: “a separate legal body” is true of a company. (a) False (b) True
38. 38.A small business sells 22 glasses of chai at ₹15 each. What is its revenue (in ₹)?
39. 39.A small business sells 47 painted pebbles at ₹15 each. What is its revenue (in ₹)?
40. 40.A small business selling friendship bands had a revenue of ₹1000 and a profit of ₹30. What were its costs (in ₹)?

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