Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 707 · 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) simplest to start (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
2. 2.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
3. 3.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) owner owes the debts
4. 4.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.A small business sells 14 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
7. 7.A small business sells 53 glasses of chai at ₹15 each. What is its revenue (in ₹)?
8. 8.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
10. 10.A small business sells 25 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
11. 11.A small business sells 33 friendship bands at ₹35 each. What is its revenue (in ₹)?
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
13. 13.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
14. 14.📜 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
15. 15.True or false: “one owner runs it” is true of a company. (a) True (b) False
16. 16.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
17. 17.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
18. 18.A small business selling friendship bands had a revenue of ₹875 and a profit of ₹345. What were its costs (in ₹)?
19. 19.A small business sells 17 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
21. 21.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
22. 22.True or false: “run by directors” is true of a company. (a) False (b) True
23. 23.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.A small business sells 35 potted plants at ₹30 each. What is its revenue (in ₹)?
26. 26.A small business sells 28 bags of popcorn at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
27. 27.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
28. 28.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
29. 29.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) owner owes the debts
31. 31.A small business selling fruit cups had a revenue of ₹870 and a profit of ₹10. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
33. 33.A small business sells 22 handmade cards at ₹15 each. Its costs are ₹50. What is its profit (in ₹)?
34. 34.A small business sells 12 clay diyas at ₹40 each. What is its revenue (in ₹)?
35. 35.A small business sells 39 jute bags at ₹25 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) simplest to start (d) owner keeps all profit
37. 37.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
38. 38.A small business sells 43 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
40. 40.A small business sells 34 paper bookmarks at ₹30 each. Its costs are ₹1010. What is its profit (in ₹)?

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