Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 685 · 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.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
2. 2.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
3. 3.A small business selling bags of popcorn had a revenue of ₹560 and a profit of ₹440. What were its costs (in ₹)?
4. 4.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
5. 5.A small business sells 40 paper bookmarks at ₹35 each. Its costs are ₹90. What is its profit (in ₹)?
6. 6.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) run by directors
7. 7.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
8. 8.A small business sells 30 handmade cards at ₹45 each. What is its revenue (in ₹)?
9. 9.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) a separate legal body
11. 11.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
12. 12.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
13. 13.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.A small business selling glasses of chai had a revenue of ₹760 and a profit of ₹580. What were its costs (in ₹)?
16. 16.A small business sells 13 friendship bands at ₹15 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
18. 18.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owner owes the debts (d) a separate legal body
19. 19.A small business sells 23 potted plants at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
20. 20.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
21. 21.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
23. 23.A small business sells 34 friendship bands at ₹45 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
25. 25.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
26. 26.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
27. 27.A small business sells 15 fruit cups at ₹30 each. What is its revenue (in ₹)?
28. 28.A small business sells 45 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
29. 29.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
30. 30.True or false: “run by directors” is true of a sole trader. (a) False (b) True
31. 31.A small business sells 24 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
32. 32.A small business sells 27 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
33. 33.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) run by directors
34. 34.A small business sells 49 cups of lemonade at ₹50 each. Its costs are ₹150. What is its profit (in ₹)?
35. 35.A small business selling glasses of chai had a revenue of ₹825 and a profit of ₹705. What were its costs (in ₹)?
36. 36.A small business sells 26 handmade cards at ₹5 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
38. 38.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
39. 39.A small business sells 10 painted pebbles at ₹40 each. Its costs are ₹200. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company

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