Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 671 · 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: owned by shareholders? (a) a company (b) a sole trader
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owned by shareholders
5. 5.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
6. 6.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
8. 8.A small business sells 13 handmade cards at ₹40 each. What is its revenue (in ₹)?
9. 9.A small business sells 23 cups of lemonade at ₹40 each. Its costs are ₹410. What is its profit (in ₹)?
10. 10.A small business sells 18 friendship bands at ₹35 each. What is its revenue (in ₹)?
11. 11.True or false: “run by directors” is true of a company. (a) True (b) False
12. 12.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
13. 13.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
15. 15.A small business selling painted pebbles had a revenue of ₹440 and a profit of ₹420. What were its costs (in ₹)?
16. 16.A small business sells 39 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
17. 17.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
18. 18.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
19. 19.A small business sells 59 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner keeps all profit
21. 21.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
22. 22.A small business sells 10 handmade cards at ₹50 each. Its costs are ₹80. What is its profit (in ₹)?
23. 23.True or false: “a separate legal body” is true of a company. (a) False (b) True
24. 24.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
25. 25.True or false: “one owner runs it” is true of a company. (a) True (b) False
26. 26.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
27. 27.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner keeps all profit
30. 30.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
31. 31.A small business sells 10 potted plants at ₹50 each. Its costs are ₹170. What is its profit (in ₹)?
32. 32.A small business sells 19 cupcakes at ₹5 each. What is its revenue (in ₹)?
33. 33.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
34. 34.A small business sells 21 potted plants at ₹30 each. Its costs are ₹160. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
36. 36.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
37. 37.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
38. 38.A small business sells 21 friendship bands at ₹15 each. Its costs are ₹200. What is its profit (in ₹)?
39. 39.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
40. 40.A small business sells 51 jute bags at ₹30 each. What is its revenue (in ₹)?

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