Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 659 · 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) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
2. 2.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
3. 3.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
4. 4.A small business sells 30 handmade cards at ₹25 each. Its costs are ₹310. What is its profit (in ₹)?
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.A small business sells 56 bags of popcorn at ₹30 each. Its costs are ₹1450. What is its profit (in ₹)?
7. 7.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
8. 8.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
9. 9.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
10. 10.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
13. 13.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
14. 14.A small business sells 17 handmade cards at ₹10 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 13 clay diyas at ₹45 each. Its costs are ₹130. What is its profit (in ₹)?
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
20. 20.A small business selling jute bags had a revenue of ₹285 and a profit of ₹125. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
22. 22.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
23. 23.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
24. 24.A small business sells 55 jute bags at ₹5 each. Its costs are ₹190. What is its profit (in ₹)?
25. 25.A small business selling friendship bands had a revenue of ₹85 and a profit of ₹35. What were its costs (in ₹)?
26. 26.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
27. 27.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
28. 28.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
29. 29.True or false: “run by directors” is true of a company. (a) False (b) True
30. 30.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
31. 31.A small business sells 40 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
32. 32.A small business sells 28 glasses of chai at ₹40 each. What is its revenue (in ₹)?
33. 33.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
34. 34.True or false: “owner owes the debts” is true of a company. (a) True (b) False
35. 35.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) simplest to start (d) a separate legal body
36. 36.A small business selling glasses of chai had a revenue of ₹250 and a profit of ₹20. What were its costs (in ₹)?
37. 37.A small business sells 22 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
38. 38.True or false: “simplest to start” is true of a company. (a) True (b) False
39. 39.A small business sells 55 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
40. 40.A small business sells 25 painted pebbles at ₹50 each. Its costs are ₹980. What is its profit (in ₹)?

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