Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 785 · 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 sole trader? (a) owner keeps all profit (b) a separate legal body (c) owners’ risk is limited (d) run by directors
2. 2.A small business selling glasses of chai had a revenue of ₹85 and a profit of ₹65. What were its costs (in ₹)?
3. 3.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
5. 5.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
6. 6.A small business sells 17 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
8. 8.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) run by directors
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
10. 10.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
11. 11.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
12. 12.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
13. 13.True or false: “owned by shareholders” is true of a company. (a) False (b) True
14. 14.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
15. 15.A small business selling jute bags had a revenue of ₹285 and a profit of ₹135. What were its costs (in ₹)?
16. 16.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
17. 17.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
18. 18.A small business sells 11 paper bookmarks at ₹20 each. Its costs are ₹180. What is its profit (in ₹)?
19. 19.A small business selling jute bags had a revenue of ₹765 and a profit of ₹335. What were its costs (in ₹)?
20. 20.True or false: “run by directors” is true of a sole trader. (a) False (b) True
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
23. 23.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) simplest to start
26. 26.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
27. 27.A small business selling cupcakes had a revenue of ₹675 and a profit of ₹215. What were its costs (in ₹)?
28. 28.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
29. 29.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
30. 30.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
31. 31.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
32. 32.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
33. 33.A small business selling painted pebbles had a revenue of ₹1215 and a profit of ₹1175. What were its costs (in ₹)?
34. 34.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
35. 35.A small business sells 46 potted plants at ₹15 each. What is its revenue (in ₹)?
36. 36.True or false: “run by directors” is true of a company. (a) False (b) True
37. 37.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 53 friendship bands at ₹20 each. Its costs are ₹210. What is its profit (in ₹)?
39. 39.A small business sells 43 glasses of chai at ₹35 each. What is its revenue (in ₹)?
40. 40.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit

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