Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 746 · 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.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner owes the debts
2. 2.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
4. 4.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) owners’ risk is limited
9. 9.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
10. 10.True or false: “a separate legal body” is true of a company. (a) False (b) True
11. 11.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
12. 12.A small business sells 51 clay diyas at ₹5 each. What is its revenue (in ₹)?
13. 13.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) simplest to start
14. 14.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
15. 15.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
16. 16.A small business sells 57 glasses of chai at ₹10 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
18. 18.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
19. 19.A small business sells 28 jute bags at ₹30 each. Its costs are ₹160. What is its profit (in ₹)?
20. 20.A small business sells 45 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
22. 22.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
23. 23.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
24. 24.A small business selling potted plants had a revenue of ₹300 and a profit of ₹10. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
26. 26.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
27. 27.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) simplest to start
28. 28.A small business selling potted plants had a revenue of ₹1050 and a profit of ₹1040. What were its costs (in ₹)?
29. 29.A small business sells 48 friendship bands at ₹45 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
31. 31.A small business sells 29 painted pebbles at ₹40 each. What is its revenue (in ₹)?
32. 32.A small business sells 34 potted plants at ₹20 each. Its costs are ₹260. What is its profit (in ₹)?
33. 33.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
34. 34.A small business sells 42 clay diyas at ₹45 each. Its costs are ₹720. What is its profit (in ₹)?
35. 35.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
36. 36.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
37. 37.A small business sells 52 jute bags at ₹20 each. Its costs are ₹790. What is its profit (in ₹)?
38. 38.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
39. 39.A small business sells 57 cups of lemonade at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
40. 40.A small business selling cups of lemonade had a revenue of ₹205 and a profit of ₹85. What were its costs (in ₹)?

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