Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 7 · 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.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) run by directors (d) owned by shareholders
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
3. 3.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
4. 4.A small business sells 35 potted plants at ₹10 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner keeps all profit (d) run by directors
6. 6.A small business sells 15 handmade cards at ₹35 each. Its costs are ₹250. What is its profit (in ₹)?
7. 7.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
8. 8.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
9. 9.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
10. 10.A small business sells 19 friendship bands at ₹35 each. What is its revenue (in ₹)?
11. 11.A small business sells 44 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) a separate legal body (d) owners’ risk is limited
13. 13.A small business selling clay diyas had a revenue of ₹820 and a profit of ₹360. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
15. 15.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.A small business selling potted plants had a revenue of ₹600 and a profit of ₹480. What were its costs (in ₹)?
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
19. 19.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owners’ risk is limited (d) owner owes the debts
20. 20.A small business selling painted pebbles had a revenue of ₹1375 and a profit of ₹585. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
22. 22.A small business sells 38 handmade cards at ₹20 each. Its costs are ₹640. What is its profit (in ₹)?
23. 23.A small business sells 46 jute bags at ₹50 each. What is its revenue (in ₹)?
24. 24.A small business sells 18 friendship bands at ₹35 each. Its costs are ₹260. What is its profit (in ₹)?
25. 25.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
26. 26.A small business selling potted plants had a revenue of ₹1060 and a profit of ₹910. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
28. 28.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
29. 29.A small business sells 47 clay diyas at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
30. 30.A small business sells 11 friendship bands at ₹50 each. What is its revenue (in ₹)?
31. 31.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
32. 32.A small business sells 46 paper bookmarks at ₹15 each. Its costs are ₹370. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
34. 34.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) run by directors
35. 35.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
36. 36.A small business sells 56 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
38. 38.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
39. 39.True or false: “a separate legal body” is true of a company. (a) True (b) False
40. 40.A small business sells 11 bags of popcorn at ₹30 each. What is its revenue (in ₹)?

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