Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 725 · 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: goes up if costs fall? (a) profit (b) revenue
2. 2.True or false: “a separate legal body” is true of a company. (a) True (b) False
3. 3.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) owned by shareholders (d) run by directors
4. 4.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
5. 5.A small business sells 25 handmade cards at ₹25 each. Its costs are ₹290. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
7. 7.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
8. 8.A small business sells 50 fruit cups at ₹5 each. What is its revenue (in ₹)?
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
10. 10.A small business sells 58 bags of popcorn at ₹25 each. Its costs are ₹390. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: owners’ risk is limited? (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 keeps all profit (c) owners’ risk is limited (d) run by directors
13. 13.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) one owner runs it
14. 14.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) a separate legal body
15. 15.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
16. 16.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
17. 17.A small business sells 49 handmade cards at ₹50 each. Its costs are ₹980. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
19. 19.A small business sells 13 painted pebbles at ₹35 each. What is its revenue (in ₹)?
20. 20.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
21. 21.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
22. 22.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
23. 23.A small business sells 48 friendship bands at ₹20 each. Its costs are ₹210. What is its profit (in ₹)?
24. 24.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
25. 25.A small business sells 42 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
26. 26.A small business sells 44 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
27. 27.True or false: “owner owes the debts” is true of a company. (a) True (b) False
28. 28.A small business sells 47 paper bookmarks at ₹50 each. Its costs are ₹470. What is its profit (in ₹)?
29. 29.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
30. 30.A small business sells 46 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
31. 31.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
32. 32.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
33. 33.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
34. 34.A small business sells 24 glasses of chai at ₹45 each. Its costs are ₹150. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
36. 36.A small business sells 14 glasses of chai at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
37. 37.A small business sells 21 bags of popcorn at ₹35 each. Its costs are ₹610. What is its profit (in ₹)?
38. 38.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
39. 39.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True

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