Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 699 · 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.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
2. 2.A small business sells 21 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
3. 3.A small business selling fruit cups had a revenue of ₹700 and a profit of ₹350. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
5. 5.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
6. 6.True or false: “run by directors” is true of a sole trader. (a) True (b) False
7. 7.A small business selling glasses of chai had a revenue of ₹450 and a profit of ₹160. What were its costs (in ₹)?
8. 8.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
9. 9.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
10. 10.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
11. 11.A small business selling potted plants had a revenue of ₹460 and a profit of ₹330. What were its costs (in ₹)?
12. 12.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
13. 13.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
14. 14.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
15. 15.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
16. 16.A small business selling friendship bands had a revenue of ₹525 and a profit of ₹315. What were its costs (in ₹)?
17. 17.A small business sells 18 handmade cards at ₹35 each. What is its revenue (in ₹)?
18. 18.A small business sells 34 friendship bands at ₹25 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
20. 20.A small business sells 30 glasses of chai at ₹5 each. What is its revenue (in ₹)?
21. 21.A small business sells 11 handmade cards at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
22. 22.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) run by directors
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
24. 24.A small business selling fruit cups had a revenue of ₹750 and a profit of ₹250. What were its costs (in ₹)?
25. 25.True or false: “one owner runs it” is true of a company. (a) False (b) True
26. 26.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
27. 27.A small business selling cupcakes had a revenue of ₹2240 and a profit of ₹720. What were its costs (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
29. 29.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) a separate legal body
31. 31.A small business sells 36 potted plants at ₹20 each. What is its revenue (in ₹)?
32. 32.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
33. 33.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
34. 34.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
35. 35.True or false: “owner owes the debts” is true of a company. (a) True (b) False
36. 36.A small business sells 34 glasses of chai at ₹25 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
38. 38.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) run by directors (d) owned by shareholders
39. 39.A small business sells 16 glasses of chai at ₹25 each. Its costs are ₹190. What is its profit (in ₹)?
40. 40.True or false: “a separate legal body” is true of a company. (a) True (b) False

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