Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 720 · 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.A small business sells 36 jute bags at ₹50 each. Its costs are ₹460. What is its profit (in ₹)?
2. 2.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
3. 3.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
4. 4.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
5. 5.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
6. 6.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
7. 7.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
8. 8.A small business sells 49 cupcakes at ₹45 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
10. 10.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
11. 11.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
13. 13.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
14. 14.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
15. 15.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) simplest to start
16. 16.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
17. 17.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
18. 18.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
19. 19.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
21. 21.True or false: “run by directors” is true of a company. (a) False (b) True
22. 22.True or false: “simplest to start” is true of a company. (a) False (b) True
23. 23.A small business sells 16 glasses of chai at ₹20 each. Its costs are ₹170. What is its profit (in ₹)?
24. 24.A small business selling friendship bands had a revenue of ₹2200 and a profit of ₹1110. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
27. 27.📜 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
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit
29. 29.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
30. 30.A small business sells 16 potted plants at ₹25 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
32. 32.A small business sells 29 handmade cards at ₹30 each. Its costs are ₹170. What is its profit (in ₹)?
33. 33.True or false: “owner owes the debts” is true of a company. (a) False (b) True
34. 34.True or false: “run by directors” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 19 fruit cups at ₹35 each. What is its revenue (in ₹)?
36. 36.A small business selling glasses of chai had a revenue of ₹1170 and a profit of ₹530. What were its costs (in ₹)?
37. 37.A small business sells 57 glasses of chai at ₹35 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
39. 39.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
40. 40.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) one owner runs it

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