Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 684 · 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 company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
2. 2.True or false: “simplest to start” is true of a company. (a) False (b) True
3. 3.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) owners’ risk is limited
4. 4.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) run by directors (d) a separate legal body
5. 5.A small business sells 16 bags of popcorn at ₹25 each. Its costs are ₹350. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
7. 7.True or false: “run by directors” is true of a company. (a) False (b) True
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
10. 10.A small business sells 52 fruit cups at ₹25 each. Its costs are ₹280. What is its profit (in ₹)?
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
13. 13.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) run by directors
15. 15.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
16. 16.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) one owner runs it (d) simplest to start
17. 17.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
18. 18.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
19. 19.A small business selling fruit cups had a revenue of ₹130 and a profit of ₹120. What were its costs (in ₹)?
20. 20.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
21. 21.A small business sells 14 glasses of chai at ₹30 each. Its costs are ₹120. What is its profit (in ₹)?
22. 22.A small business selling jute bags had a revenue of ₹1500 and a profit of ₹740. What were its costs (in ₹)?
23. 23.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.True or false: “one owner runs it” is true of a company. (a) False (b) True
26. 26.A small business sells 24 glasses of chai at ₹35 each. What is its revenue (in ₹)?
27. 27.A small business sells 50 cupcakes at ₹40 each. What is its revenue (in ₹)?
28. 28.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
29. 29.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
31. 31.True or false: “run by directors” is true of a sole trader. (a) True (b) False
32. 32.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
33. 33.A small business selling friendship bands had a revenue of ₹130 and a profit of ₹80. What were its costs (in ₹)?
34. 34.A small business sells 31 glasses of chai at ₹5 each. What is its revenue (in ₹)?
35. 35.A small business sells 19 fruit cups at ₹35 each. What is its revenue (in ₹)?
36. 36.A small business sells 46 handmade cards at ₹45 each. Its costs are ₹400. What is its profit (in ₹)?
37. 37.True or false: “a separate legal body” is true of a company. (a) True (b) False
38. 38.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
39. 39.A small business sells 50 cupcakes at ₹45 each. Its costs are ₹2030. What is its profit (in ₹)?
40. 40.A small business sells 13 painted pebbles at ₹15 each. What is its revenue (in ₹)?

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