Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 666 · 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.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) owner owes the debts
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) a separate legal body
4. 4.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
5. 5.A small business sells 39 clay diyas at ₹40 each. What is its revenue (in ₹)?
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
8. 8.True or false: “one owner runs it” is true of a company. (a) False (b) True
9. 9.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
10. 10.True or false: “run by directors” is true of a sole trader. (a) False (b) True
11. 11.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
12. 12.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owned by shareholders (d) a separate legal body
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.A small business sells 51 handmade cards at ₹20 each. What is its revenue (in ₹)?
15. 15.A small business sells 20 paper bookmarks at ₹35 each. Its costs are ₹420. What is its profit (in ₹)?
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
17. 17.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
18. 18.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) one owner runs it
19. 19.A small business selling paper bookmarks had a revenue of ₹850 and a profit of ₹670. What were its costs (in ₹)?
20. 20.A small business sells 23 handmade cards at ₹15 each. Its costs are ₹260. What is its profit (in ₹)?
21. 21.A small business sells 37 cupcakes at ₹45 each. What is its revenue (in ₹)?
22. 22.True or false: “simplest to start” is true of a company. (a) False (b) True
23. 23.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
24. 24.A small business sells 36 bags of popcorn at ₹50 each. Its costs are ₹1390. What is its profit (in ₹)?
25. 25.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 17 glasses of chai at ₹40 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
29. 29.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
30. 30.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner owes the debts
31. 31.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
32. 32.A small business selling friendship bands had a revenue of ₹1225 and a profit of ₹515. What were its costs (in ₹)?
33. 33.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
34. 34.A small business sells 47 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
35. 35.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
36. 36.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
37. 37.A small business selling paper bookmarks had a revenue of ₹85 and a profit of ₹25. What were its costs (in ₹)?
38. 38.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
39. 39.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
40. 40.A small business selling clay diyas had a revenue of ₹1350 and a profit of ₹490. What were its costs (in ₹)?

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