Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 677 · 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: one owner runs it? (a) a sole trader (b) a company
2. 2.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
3. 3.A small business sells 34 glasses of chai at ₹30 each. What is its revenue (in ₹)?
4. 4.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
5. 5.True or false: “owner owes the debts” is true of a company. (a) True (b) False
6. 6.A small business sells 41 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
9. 9.True or false: “run by directors” is true of a sole trader. (a) True (b) False
10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
11. 11.True or false: “run by directors” is true of a company. (a) False (b) True
12. 12.A small business sells 21 cupcakes at ₹40 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
16. 16.A small business selling jute bags had a revenue of ₹260 and a profit of ₹50. What were its costs (in ₹)?
17. 17.A small business sells 44 friendship bands at ₹15 each. Its costs are ₹570. What is its profit (in ₹)?
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) owners’ risk is limited (d) run by directors
19. 19.A small business selling cups of lemonade had a revenue of ₹1225 and a profit of ₹775. What were its costs (in ₹)?
20. 20.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
21. 21.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner keeps all profit (d) a separate legal body
22. 22.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
23. 23.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
24. 24.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
25. 25.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
26. 26.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
27. 27.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
29. 29.A small business sells 28 glasses of chai at ₹45 each. What is its revenue (in ₹)?
30. 30.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
31. 31.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
32. 32.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
33. 33.A small business sells 45 potted plants at ₹10 each. What is its revenue (in ₹)?
34. 34.A small business selling bags of popcorn had a revenue of ₹1960 and a profit of ₹150. What were its costs (in ₹)?
35. 35.A small business selling friendship bands had a revenue of ₹155 and a profit of ₹45. What were its costs (in ₹)?
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
37. 37.A small business selling cups of lemonade had a revenue of ₹570 and a profit of ₹420. What were its costs (in ₹)?
38. 38.A small business sells 46 handmade cards at ₹25 each. Its costs are ₹1090. What is its profit (in ₹)?
39. 39.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
40. 40.A small business selling glasses of chai had a revenue of ₹1700 and a profit of ₹1400. What were its costs (in ₹)?

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