Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 705 · 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.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
2. 2.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
3. 3.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) simplest to start (d) one owner runs it
6. 6.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner owes the debts
8. 8.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
9. 9.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
10. 10.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.True or false: “run by directors” is true of a company. (a) False (b) True
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.A small business selling jute bags had a revenue of ₹250 and a profit of ₹70. What were its costs (in ₹)?
15. 15.A small business sells 21 handmade cards at ₹20 each. Its costs are ₹250. What is its profit (in ₹)?
16. 16.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
17. 17.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
18. 18.A small business sells 11 cupcakes at ₹20 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
20. 20.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
21. 21.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) simplest to start
22. 22.A small business sells 17 fruit cups at ₹5 each. What is its revenue (in ₹)?
23. 23.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
24. 24.True or false: “run by directors” is true of a sole trader. (a) True (b) False
25. 25.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
26. 26.A small business sells 38 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
27. 27.A small business sells 25 cups of lemonade at ₹25 each. Its costs are ₹570. What is its profit (in ₹)?
28. 28.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
29. 29.A small business sells 36 bags of popcorn at ₹40 each. Its costs are ₹300. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
31. 31.A small business sells 38 painted pebbles at ₹35 each. What is its revenue (in ₹)?
32. 32.A small business selling potted plants had a revenue of ₹230 and a profit of ₹160. What were its costs (in ₹)?
33. 33.A small business sells 17 cupcakes at ₹50 each. What is its revenue (in ₹)?
34. 34.A small business sells 15 clay diyas at ₹25 each. Its costs are ₹360. What is its profit (in ₹)?
35. 35.A small business sells 18 cupcakes at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
36. 36.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
37. 37.A small business sells 38 glasses of chai at ₹5 each. What is its revenue (in ₹)?
38. 38.A small business sells 41 bags of popcorn at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
39. 39.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
40. 40.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False

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