Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 651 · 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: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
3. 3.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) simplest to start
4. 4.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
5. 5.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
6. 6.True or false: “owner owes the debts” is true of a company. (a) False (b) True
7. 7.A small business selling painted pebbles had a revenue of ₹105 and a profit of ₹95. What were its costs (in ₹)?
8. 8.A small business sells 37 handmade cards at ₹50 each. Its costs are ₹860. What is its profit (in ₹)?
9. 9.A small business sells 15 cupcakes at ₹15 each. Its costs are ₹70. What is its profit (in ₹)?
10. 10.A small business sells 55 potted plants at ₹30 each. Its costs are ₹520. What is its profit (in ₹)?
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.A small business sells 42 friendship bands at ₹5 each. What is its revenue (in ₹)?
13. 13.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) one owner runs it
15. 15.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
16. 16.A small business sells 30 glasses of chai at ₹45 each. Its costs are ₹910. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
18. 18.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
19. 19.A small business selling glasses of chai had a revenue of ₹810 and a profit of ₹250. What were its costs (in ₹)?
20. 20.True or false: “owned by shareholders” is true of a company. (a) True (b) False
21. 21.True or false: “simplest to start” is true of a company. (a) False (b) True
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
24. 24.A small business sells 10 potted plants at ₹15 each. What is its revenue (in ₹)?
25. 25.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
26. 26.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
27. 27.A small business sells 11 friendship bands at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
28. 28.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) run by directors
30. 30.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
31. 31.A small business sells 28 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
32. 32.A small business selling fruit cups had a revenue of ₹315 and a profit of ₹295. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
34. 34.A small business sells 56 handmade cards at ₹20 each. What is its revenue (in ₹)?
35. 35.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
36. 36.A small business sells 27 cupcakes at ₹25 each. What is its revenue (in ₹)?
37. 37.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
38. 38.A small business selling clay diyas had a revenue of ₹260 and a profit of ₹170. What were its costs (in ₹)?
39. 39.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
40. 40.A small business sells 38 painted pebbles at ₹30 each. What is its revenue (in ₹)?

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