Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 635 · 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.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) owners’ risk is limited (d) run by directors
2. 2.True or false: “run by directors” is true of a company. (a) False (b) True
3. 3.A small business sells 49 friendship bands at ₹35 each. What is its revenue (in ₹)?
4. 4.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
5. 5.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
6. 6.A small business sells 38 potted plants at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
7. 7.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
8. 8.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) owned by shareholders
9. 9.A small business sells 16 handmade cards at ₹50 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
11. 11.A small business selling potted plants had a revenue of ₹2430 and a profit of ₹1990. What were its costs (in ₹)?
12. 12.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
13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
14. 14.A small business sells 39 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
15. 15.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.A small business sells 13 bags of popcorn at ₹35 each. Its costs are ₹370. What is its profit (in ₹)?
18. 18.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) a separate legal body
20. 20.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
22. 22.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
23. 23.A small business sells 20 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
25. 25.A small business sells 21 friendship bands at ₹40 each. What is its revenue (in ₹)?
26. 26.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
27. 27.A small business sells 27 clay diyas at ₹5 each. What is its revenue (in ₹)?
28. 28.A small business sells 56 glasses of chai at ₹5 each. Its costs are ₹160. What is its profit (in ₹)?
29. 29.A small business sells 44 clay diyas at ₹15 each. Its costs are ₹240. What is its profit (in ₹)?
30. 30.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
32. 32.True or false: “a separate legal body” is true of a company. (a) True (b) False
33. 33.A small business selling potted plants had a revenue of ₹1150 and a profit of ₹840. What were its costs (in ₹)?
34. 34.A small business sells 16 paper bookmarks at ₹30 each. Its costs are ₹250. What is its profit (in ₹)?
35. 35.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
36. 36.A small business sells 28 glasses of chai at ₹20 each. Its costs are ₹490. What is its profit (in ₹)?
37. 37.True or false: “run by directors” is true of a sole trader. (a) False (b) True
38. 38.A small business selling potted plants had a revenue of ₹475 and a profit of ₹235. What were its costs (in ₹)?
39. 39.A small business selling glasses of chai had a revenue of ₹120 and a profit of ₹100. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company

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