Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 741 · 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) revenue (b) profit
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) simplest to start
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
4. 4.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
5. 5.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
6. 6.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.A small business selling cupcakes had a revenue of ₹750 and a profit of ₹410. What were its costs (in ₹)?
9. 9.True or false: “owned by shareholders” is true of a company. (a) False (b) True
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
13. 13.A small business sells 47 handmade cards at ₹15 each. What is its revenue (in ₹)?
14. 14.A small business sells 11 cups of lemonade at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
15. 15.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
16. 16.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
17. 17.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) a separate legal body (d) owners’ risk is limited
18. 18.A small business selling glasses of chai had a revenue of ₹1845 and a profit of ₹1255. What were its costs (in ₹)?
19. 19.A small business selling handmade cards had a revenue of ₹630 and a profit of ₹460. What were its costs (in ₹)?
20. 20.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
21. 21.A small business sells 18 friendship bands at ₹15 each. Its costs are ₹260. What is its profit (in ₹)?
22. 22.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
23. 23.A small business sells 47 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
24. 24.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
25. 25.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
26. 26.A small business selling cups of lemonade had a revenue of ₹455 and a profit of ₹235. What were its costs (in ₹)?
27. 27.True or false: “simplest to start” is true of a company. (a) False (b) True
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner owes the debts
29. 29.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
30. 30.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
31. 31.A small business sells 32 jute bags at ₹5 each. Its costs are ₹110. What is its profit (in ₹)?
32. 32.A small business selling potted plants had a revenue of ₹2200 and a profit of ₹430. What were its costs (in ₹)?
33. 33.A small business sells 44 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
34. 34.A small business sells 18 paper bookmarks at ₹15 each. Its costs are ₹10. What is its profit (in ₹)?
35. 35.🎂 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
36. 36.A small business sells 57 handmade cards at ₹15 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) one owner runs it (d) owner keeps all profit
38. 38.True or false: “run by directors” is true of a company. (a) True (b) False
39. 39.A small business selling glasses of chai had a revenue of ₹1100 and a profit of ₹420. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company

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