Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 724 · 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.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owned by shareholders (d) owners’ risk is limited
3. 3.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner owes the debts (d) owner keeps all profit
4. 4.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) a separate legal body
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.A small business sells 45 paper bookmarks at ₹20 each. Its costs are ₹640. What is its profit (in ₹)?
7. 7.True or false: “run by directors” is true of a company. (a) True (b) False
8. 8.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
9. 9.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
10. 10.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owned by shareholders (d) a separate legal body
11. 11.A small business sells 29 handmade cards at ₹40 each. Its costs are ₹300. What is its profit (in ₹)?
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
13. 13.A small business selling cupcakes had a revenue of ₹945 and a profit of ₹745. What were its costs (in ₹)?
14. 14.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
15. 15.A small business sells 35 cupcakes at ₹25 each. What is its revenue (in ₹)?
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
17. 17.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
18. 18.A small business sells 55 jute bags at ₹5 each. What is its revenue (in ₹)?
19. 19.True or false: “a separate legal body” is true of a company. (a) False (b) True
20. 20.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
21. 21.A small business sells 13 friendship bands at ₹5 each. What is its revenue (in ₹)?
22. 22.A small business sells 11 fruit cups at ₹5 each. What is its revenue (in ₹)?
23. 23.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
24. 24.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
25. 25.True or false: “owned by shareholders” is true of a company. (a) False (b) True
26. 26.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
27. 27.A small business sells 13 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
29. 29.A small business sells 30 clay diyas at ₹10 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
31. 31.A small business sells 22 handmade cards at ₹20 each. What is its revenue (in ₹)?
32. 32.True or false: “one owner runs it” is true of a company. (a) True (b) False
33. 33.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
34. 34.A small business sells 10 handmade cards at ₹25 each. What is its revenue (in ₹)?
35. 35.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
36. 36.A small business selling cupcakes had a revenue of ₹1000 and a profit of ₹400. What were its costs (in ₹)?
37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 11 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
39. 39.A small business sells 25 cups of lemonade at ₹35 each. Its costs are ₹570. What is its profit (in ₹)?
40. 40.A small business selling bags of popcorn had a revenue of ₹185 and a profit of ₹15. What were its costs (in ₹)?

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