Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 646 · 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: a separate legal body? (a) a company (b) a sole trader
2. 2.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
4. 4.A small business sells 13 bags of popcorn at ₹15 each. Its costs are ₹120. What is its profit (in ₹)?
5. 5.A small business selling cups of lemonade had a revenue of ₹1080 and a profit of ₹80. What were its costs (in ₹)?
6. 6.A small business selling handmade cards had a revenue of ₹1140 and a profit of ₹530. What were its costs (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) a separate legal body
8. 8.True or false: “simplest to start” is true of a company. (a) False (b) True
9. 9.A small business sells 41 friendship bands at ₹30 each. Its costs are ₹770. What is its profit (in ₹)?
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
11. 11.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) run by directors
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
15. 15.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
16. 16.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
18. 18.A small business selling glasses of chai had a revenue of ₹1770 and a profit of ₹220. What were its costs (in ₹)?
19. 19.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
20. 20.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
21. 21.True or false: “run by directors” is true of a sole trader. (a) True (b) False
22. 22.A small business sells 11 cups of lemonade at ₹25 each. Its costs are ₹210. What is its profit (in ₹)?
23. 23.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
24. 24.A small business selling paper bookmarks had a revenue of ₹1650 and a profit of ₹50. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
26. 26.A small business sells 32 painted pebbles at ₹50 each. Its costs are ₹440. What is its profit (in ₹)?
27. 27.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
28. 28.A small business selling potted plants had a revenue of ₹585 and a profit of ₹95. What were its costs (in ₹)?
29. 29.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
30. 30.A small business sells 51 jute bags at ₹40 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
32. 32.True or false: “run by directors” is true of a company. (a) True (b) False
33. 33.A small business selling glasses of chai had a revenue of ₹410 and a profit of ₹240. What were its costs (in ₹)?
34. 34.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
35. 35.A small business sells 11 handmade cards at ₹45 each. What is its revenue (in ₹)?
36. 36.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
37. 37.A small business sells 40 painted pebbles at ₹25 each. What is its revenue (in ₹)?
38. 38.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
39. 39.A small business selling paper bookmarks had a revenue of ₹250 and a profit of ₹110. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) run by directors

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