Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 755 · 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.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
2. 2.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
3. 3.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.A small business sells 50 glasses of chai at ₹15 each. What is its revenue (in ₹)?
7. 7.True or false: “owner owes the debts” is true of a company. (a) False (b) True
8. 8.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
9. 9.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
10. 10.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
11. 11.A small business sells 32 jute bags at ₹20 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
13. 13.A small business sells 31 handmade cards at ₹20 each. What is its revenue (in ₹)?
14. 14.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
15. 15.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
16. 16.True or false: “run by directors” is true of a company. (a) False (b) True
17. 17.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
18. 18.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) owned by shareholders
20. 20.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
21. 21.A small business selling handmade cards had a revenue of ₹330 and a profit of ₹130. What were its costs (in ₹)?
22. 22.A small business sells 56 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
23. 23.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
24. 24.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) run by directors (d) owner keeps all profit
25. 25.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
26. 26.A small business selling bags of popcorn had a revenue of ₹510 and a profit of ₹330. What were its costs (in ₹)?
27. 27.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
28. 28.A small business sells 39 paper bookmarks at ₹15 each. Its costs are ₹370. What is its profit (in ₹)?
29. 29.A small business sells 53 glasses of chai at ₹5 each. What is its revenue (in ₹)?
30. 30.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
31. 31.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
32. 32.A small business sells 13 glasses of chai at ₹30 each. What is its revenue (in ₹)?
33. 33.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) owned by shareholders
34. 34.A small business sells 12 clay diyas at ₹30 each. Its costs are ₹220. What is its profit (in ₹)?
35. 35.A small business sells 59 painted pebbles at ₹35 each. What is its revenue (in ₹)?
36. 36.A small business selling cupcakes had a revenue of ₹375 and a profit of ₹265. What were its costs (in ₹)?
37. 37.A small business sells 55 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
38. 38.A small business sells 20 fruit cups at ₹50 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
40. 40.A small business sells 22 cups of lemonade at ₹40 each. Its costs are ₹550. What is its profit (in ₹)?

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