Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 672 · 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 bank (b) a one-owner business (c) a big company (d) a school club
2. 2.A small business sells 16 cups of lemonade at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
4. 4.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
5. 5.A small business sells 16 friendship bands at ₹15 each. Its costs are ₹200. What is its profit (in ₹)?
6. 6.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
8. 8.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
9. 9.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
10. 10.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
11. 11.A small business sells 23 handmade cards at ₹10 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
13. 13.A small business sells 59 potted plants at ₹20 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
16. 16.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) owned by shareholders
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 37 cupcakes at ₹15 each. Its costs are ₹50. What is its profit (in ₹)?
20. 20.True or false: “simplest to start” is true of a company. (a) False (b) True
21. 21.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
22. 22.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
23. 23.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
24. 24.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
25. 25.A small business sells 42 clay diyas at ₹10 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
27. 27.A small business sells 40 friendship bands at ₹40 each. What is its revenue (in ₹)?
28. 28.A small business sells 10 clay diyas at ₹45 each. What is its revenue (in ₹)?
29. 29.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
31. 31.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owned by shareholders
32. 32.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
33. 33.A small business sells 16 painted pebbles at ₹25 each. Its costs are ₹390. What is its profit (in ₹)?
34. 34.A small business sells 59 friendship bands at ₹15 each. Its costs are ₹770. What is its profit (in ₹)?
35. 35.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owned by shareholders
36. 36.A small business sells 47 handmade cards at ₹35 each. What is its revenue (in ₹)?
37. 37.A small business sells 19 friendship bands at ₹35 each. Its costs are ₹610. What is its profit (in ₹)?
38. 38.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
39. 39.A small business sells 41 friendship bands at ₹5 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company

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