Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 769 · 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: “run by directors” is true of a sole trader. (a) True (b) False
2. 2.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
3. 3.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) simplest to start
4. 4.A small business selling potted plants had a revenue of ₹1085 and a profit of ₹35. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
6. 6.A small business sells 22 glasses of chai at ₹45 each. Its costs are ₹490. What is its profit (in ₹)?
7. 7.A small business sells 57 fruit cups at ₹15 each. Its costs are ₹810. What is its profit (in ₹)?
8. 8.A small business sells 12 bags of popcorn at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
10. 10.True or false: “one owner runs it” is true of a company. (a) True (b) False
11. 11.A small business sells 50 cupcakes at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
12. 12.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owned by shareholders
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.A small business selling cups of lemonade had a revenue of ₹765 and a profit of ₹325. What were its costs (in ₹)?
17. 17.A small business selling glasses of chai had a revenue of ₹270 and a profit of ₹130. What were its costs (in ₹)?
18. 18.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
19. 19.A small business sells 45 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
20. 20.🎂 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
21. 21.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner keeps all profit
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
23. 23.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
24. 24.A small business sells 28 painted pebbles at ₹5 each. What is its revenue (in ₹)?
25. 25.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
26. 26.True or false: “owner owes the debts” is true of a company. (a) True (b) False
27. 27.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
28. 28.A small business sells 13 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
29. 29.A small business sells 42 bags of popcorn at ₹30 each. Its costs are ₹440. What is its profit (in ₹)?
30. 30.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) simplest to start (d) one owner runs it
31. 31.True or false: “owned by shareholders” is true of a company. (a) False (b) True
32. 32.True or false: “a separate legal body” is true of a company. (a) True (b) False
33. 33.A small business sells 43 jute bags at ₹25 each. What is its revenue (in ₹)?
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
35. 35.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
36. 36.A small business sells 20 glasses of chai at ₹25 each. What is its revenue (in ₹)?
37. 37.True or false: “simplest to start” is true of a company. (a) True (b) False
38. 38.A small business sells 22 potted plants at ₹30 each. Its costs are ₹250. What is its profit (in ₹)?
39. 39.A small business sells 37 cupcakes at ₹15 each. Its costs are ₹360. What is its profit (in ₹)?
40. 40.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club

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