Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 704 · 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.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
2. 2.A small business sells 60 handmade cards at ₹40 each. Its costs are ₹980. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
4. 4.A small business sells 30 friendship bands at ₹15 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
6. 6.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
7. 7.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
8. 8.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
9. 9.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
10. 10.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
13. 13.A small business sells 44 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
14. 14.A small business sells 33 potted plants at ₹45 each. Its costs are ₹710. What is its profit (in ₹)?
15. 15.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
16. 16.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
17. 17.A small business selling potted plants had a revenue of ₹2280 and a profit of ₹1680. What were its costs (in ₹)?
18. 18.A small business selling cupcakes had a revenue of ₹840 and a profit of ₹810. What were its costs (in ₹)?
19. 19.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) a separate legal body (d) owner keeps all profit
20. 20.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
22. 22.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
23. 23.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
25. 25.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
26. 26.True or false: “owner owes the debts” is true of a company. (a) False (b) True
27. 27.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owner owes the debts (d) owned by shareholders
28. 28.A small business sells 16 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) simplest to start
30. 30.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
31. 31.A small business sells 21 potted plants at ₹35 each. Its costs are ₹170. What is its profit (in ₹)?
32. 32.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
33. 33.True or false: “owned by shareholders” is true of a company. (a) False (b) True
34. 34.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
35. 35.A small business selling glasses of chai had a revenue of ₹1700 and a profit of ₹1660. What were its costs (in ₹)?
36. 36.A small business sells 55 jute bags at ₹20 each. Its costs are ₹330. What is its profit (in ₹)?
37. 37.True or false: “a separate legal body” is true of a company. (a) False (b) True
38. 38.A small business sells 29 cups of lemonade at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
39. 39.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
40. 40.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False

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