Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 657 · 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 sole trader (b) a company
2. 2.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
3. 3.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts
4. 4.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
5. 5.A small business sells 50 painted pebbles at ₹20 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
7. 7.A small business selling fruit cups had a revenue of ₹945 and a profit of ₹815. What were its costs (in ₹)?
8. 8.True or false: “a separate legal body” is true of a company. (a) False (b) True
9. 9.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
10. 10.A small business sells 10 paper bookmarks at ₹45 each. Its costs are ₹350. What is its profit (in ₹)?
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.True or false: “owner owes the debts” is true of a company. (a) True (b) False
13. 13.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
14. 14.A small business selling friendship bands had a revenue of ₹720 and a profit of ₹270. What were its costs (in ₹)?
15. 15.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
16. 16.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
17. 17.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) owners’ risk is limited
18. 18.A small business selling clay diyas had a revenue of ₹520 and a profit of ₹230. What were its costs (in ₹)?
19. 19.A small business sells 22 fruit cups at ₹50 each. What is its revenue (in ₹)?
20. 20.A small business sells 47 clay diyas at ₹10 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
22. 22.A small business sells 13 jute bags at ₹35 each. Its costs are ₹330. What is its profit (in ₹)?
23. 23.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) run by directors
25. 25.True or false: “one owner runs it” is true of a company. (a) True (b) False
26. 26.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
27. 27.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
28. 28.A small business selling glasses of chai had a revenue of ₹2700 and a profit of ₹2340. What were its costs (in ₹)?
29. 29.📜 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
30. 30.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) a separate legal body
31. 31.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
32. 32.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
33. 33.A small business sells 29 glasses of chai at ₹5 each. What is its revenue (in ₹)?
34. 34.A small business selling clay diyas had a revenue of ₹330 and a profit of ₹230. What were its costs (in ₹)?
35. 35.A small business sells 25 cups of lemonade at ₹10 each. Its costs are ₹200. What is its profit (in ₹)?
36. 36.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
37. 37.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
38. 38.A small business sells 10 handmade cards at ₹50 each. Its costs are ₹20. What is its profit (in ₹)?
39. 39.A small business sells 49 glasses of chai at ₹45 each. What is its revenue (in ₹)?
40. 40.A small business sells 20 bags of popcorn at ₹5 each. What is its revenue (in ₹)?

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