Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 721 · 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 sole trader (b) a company
2. 2.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owners’ risk is limited (d) run by directors
3. 3.True or false: “run by directors” is true of a sole trader. (a) True (b) False
4. 4.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) simplest to start (d) owner owes the debts
5. 5.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
6. 6.A small business selling painted pebbles had a revenue of ₹1025 and a profit of ₹295. What were its costs (in ₹)?
7. 7.A small business sells 16 jute bags at ₹20 each. What is its revenue (in ₹)?
8. 8.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) one owner runs it
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
11. 11.A small business sells 41 clay diyas at ₹45 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
13. 13.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
14. 14.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
15. 15.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
16. 16.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
17. 17.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
18. 18.A small business sells 52 paper bookmarks at ₹40 each. Its costs are ₹1110. What is its profit (in ₹)?
19. 19.A small business selling bags of popcorn had a revenue of ₹255 and a profit of ₹95. What were its costs (in ₹)?
20. 20.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) run by directors (d) owners’ risk is limited
21. 21.True or false: “simplest to start” is true of a company. (a) True (b) False
22. 22.A small business sells 34 friendship bands at ₹10 each. Its costs are ₹320. What is its profit (in ₹)?
23. 23.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
24. 24.A small business sells 53 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
25. 25.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
26. 26.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
28. 28.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
29. 29.True or false: “one owner runs it” is true of a company. (a) True (b) False
30. 30.A small business sells 56 friendship bands at ₹15 each. Its costs are ₹170. What is its profit (in ₹)?
31. 31.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
32. 32.A small business sells 15 potted plants at ₹10 each. What is its revenue (in ₹)?
33. 33.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
35. 35.A small business selling bags of popcorn had a revenue of ₹115 and a profit of ₹15. What were its costs (in ₹)?
36. 36.A small business sells 46 clay diyas at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
38. 38.A small business selling clay diyas had a revenue of ₹2200 and a profit of ₹140. What were its costs (in ₹)?
39. 39.True or false: “owner owes the debts” is true of a company. (a) True (b) False
40. 40.A small business sells 57 bags of popcorn at ₹15 each. Its costs are ₹350. What is its profit (in ₹)?

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