Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 714 · 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) simplest to start (c) owners’ risk is limited (d) run by directors
2. 2.A small business selling jute bags had a revenue of ₹50 and a profit of ₹40. What were its costs (in ₹)?
3. 3.True or false: “simplest to start” is true of a company. (a) False (b) True
4. 4.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
5. 5.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
6. 6.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
7. 7.A small business sells 22 glasses of chai at ₹45 each. Its costs are ₹80. What is its profit (in ₹)?
8. 8.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) simplest to start (d) one owner runs it
9. 9.A small business sells 11 handmade cards at ₹15 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
11. 11.A small business sells 46 paper bookmarks at ₹20 each. Its costs are ₹230. What is its profit (in ₹)?
12. 12.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
13. 13.A small business selling handmade cards had a revenue of ₹450 and a profit of ₹70. What were its costs (in ₹)?
14. 14.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts
15. 15.True or false: “one owner runs it” is true of a company. (a) False (b) True
16. 16.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
17. 17.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
19. 19.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
20. 20.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
21. 21.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner keeps all profit (d) owner owes the debts
22. 22.A small business selling fruit cups had a revenue of ₹1375 and a profit of ₹675. What were its costs (in ₹)?
23. 23.True or false: “a separate legal body” is true of a company. (a) False (b) True
24. 24.A small business sells 53 potted plants at ₹30 each. What is its revenue (in ₹)?
25. 25.A small business sells 16 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
26. 26.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
27. 27.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
28. 28.True or false: “run by directors” is true of a sole trader. (a) True (b) False
29. 29.A small business selling glasses of chai had a revenue of ₹150 and a profit of ₹140. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
31. 31.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
32. 32.A small business sells 10 painted pebbles at ₹15 each. What is its revenue (in ₹)?
33. 33.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
34. 34.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
35. 35.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
37. 37.A small business selling clay diyas had a revenue of ₹720 and a profit of ₹680. What were its costs (in ₹)?
38. 38.A small business sells 56 cups of lemonade at ₹5 each. Its costs are ₹180. What is its profit (in ₹)?
39. 39.A small business sells 18 handmade cards at ₹40 each. What is its revenue (in ₹)?
40. 40.A small business selling handmade cards had a revenue of ₹1575 and a profit of ₹1235. What were its costs (in ₹)?

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