Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 638 · 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 minus costs equals… (a) price (b) profit (c) revenue (d) stock
2. 2.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) a separate legal body (d) owners’ risk is limited
3. 3.A small business selling handmade cards had a revenue of ₹550 and a profit of ₹460. What were its costs (in ₹)?
4. 4.True or false: “a separate legal body” is true of a company. (a) True (b) False
5. 5.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) a separate legal body
6. 6.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) one owner runs it
7. 7.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
8. 8.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
10. 10.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
11. 11.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
12. 12.A small business selling potted plants had a revenue of ₹1665 and a profit of ₹1455. What were its costs (in ₹)?
13. 13.True or false: “simplest to start” is true of a company. (a) True (b) False
14. 14.A small business selling potted plants had a revenue of ₹1890 and a profit of ₹390. What were its costs (in ₹)?
15. 15.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
16. 16.A small business sells 15 glasses of chai at ₹10 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
18. 18.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
20. 20.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
21. 21.A small business sells 51 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
22. 22.A small business sells 59 potted plants at ₹5 each. Its costs are ₹230. What is its profit (in ₹)?
23. 23.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
24. 24.A small business sells 33 handmade cards at ₹20 each. What is its revenue (in ₹)?
25. 25.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
26. 26.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
29. 29.A small business selling potted plants had a revenue of ₹600 and a profit of ₹450. What were its costs (in ₹)?
30. 30.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
31. 31.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
32. 32.A small business sells 15 glasses of chai at ₹15 each. What is its revenue (in ₹)?
33. 33.A small business selling painted pebbles had a revenue of ₹420 and a profit of ₹390. What were its costs (in ₹)?
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 16 friendship bands at ₹30 each. What is its revenue (in ₹)?
36. 36.A small business sells 52 glasses of chai at ₹15 each. Its costs are ₹680. What is its profit (in ₹)?
37. 37.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner owes the debts (d) one owner runs it
38. 38.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
39. 39.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
40. 40.A small business sells 26 friendship bands at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?

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