Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 667 · 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 company? (a) owned by shareholders (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
2. 2.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
3. 3.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) owned by shareholders (d) run by directors
4. 4.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
5. 5.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
6. 6.A small business sells 56 glasses of chai at ₹35 each. Its costs are ₹1860. What is its profit (in ₹)?
7. 7.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
8. 8.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner owes the debts
9. 9.A small business sells 58 jute bags at ₹10 each. What is its revenue (in ₹)?
10. 10.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
11. 11.A small business sells 22 cupcakes at ₹10 each. What is its revenue (in ₹)?
12. 12.A small business sells 14 friendship bands at ₹20 each. What is its revenue (in ₹)?
13. 13.A small business sells 21 glasses of chai at ₹10 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
15. 15.A small business sells 28 glasses of chai at ₹10 each. Its costs are ₹180. What is its profit (in ₹)?
16. 16.True or false: “one owner runs it” is true of a company. (a) True (b) False
17. 17.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
18. 18.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
19. 19.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
22. 22.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
23. 23.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
26. 26.True or false: “run by directors” is true of a company. (a) True (b) False
27. 27.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
28. 28.A small business selling paper bookmarks had a revenue of ₹1440 and a profit of ₹1320. What were its costs (in ₹)?
29. 29.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
30. 30.A small business selling handmade cards had a revenue of ₹440 and a profit of ₹410. What were its costs (in ₹)?
31. 31.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
32. 32.A small business sells 40 bags of popcorn at ₹30 each. Its costs are ₹520. What is its profit (in ₹)?
33. 33.A small business sells 28 cups of lemonade at ₹40 each. Its costs are ₹1110. What is its profit (in ₹)?
34. 34.A small business sells 17 cupcakes at ₹50 each. What is its revenue (in ₹)?
35. 35.True or false: “run by directors” is true of a sole trader. (a) True (b) False
36. 36.A small business selling clay diyas had a revenue of ₹175 and a profit of ₹85. What were its costs (in ₹)?
37. 37.A small business sells 43 fruit cups at ₹10 each. What is its revenue (in ₹)?
38. 38.A small business sells 12 cupcakes at ₹20 each. Its costs are ₹70. What is its profit (in ₹)?
39. 39.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
40. 40.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) run by directors

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