Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 727 · 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: revenue minus costs? (a) revenue (b) profit
2. 2.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
3. 3.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
5. 5.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
6. 6.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
7. 7.A small business selling bags of popcorn had a revenue of ₹1880 and a profit of ₹30. What were its costs (in ₹)?
8. 8.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
9. 9.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
10. 10.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
13. 13.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
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) owners’ risk is limited
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) a separate legal body (d) owners’ risk is limited
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) a separate legal body
17. 17.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
18. 18.True or false: “run by directors” is true of a company. (a) False (b) True
19. 19.A small business sells 19 clay diyas at ₹25 each. What is its revenue (in ₹)?
20. 20.A small business sells 25 potted plants at ₹20 each. What is its revenue (in ₹)?
21. 21.A small business sells 11 glasses of chai at ₹25 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
23. 23.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner keeps all profit (d) owner owes the debts
24. 24.True or false: “a separate legal body” is true of a company. (a) False (b) True
25. 25.True or false: “owned by shareholders” is true of a company. (a) True (b) False
26. 26.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
27. 27.A small business selling fruit cups had a revenue of ₹2385 and a profit of ₹1555. What were its costs (in ₹)?
28. 28.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
29. 29.A small business sells 43 handmade cards at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.A small business sells 21 fruit cups at ₹25 each. What is its revenue (in ₹)?
32. 32.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
33. 33.A small business selling handmade cards had a revenue of ₹360 and a profit of ₹270. What were its costs (in ₹)?
34. 34.A small business selling jute bags had a revenue of ₹880 and a profit of ₹690. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
36. 36.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
37. 37.True or false: “one owner runs it” is true of a company. (a) False (b) True
38. 38.A small business sells 60 potted plants at ₹25 each. What is its revenue (in ₹)?
39. 39.A small business sells 54 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
40. 40.A small business selling cupcakes had a revenue of ₹1140 and a profit of ₹420. What were its costs (in ₹)?

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