Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 795 · 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) owner owes the debts (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
2. 2.True or false: “simplest to start” is true of a company. (a) True (b) False
3. 3.True or false: “a separate legal body” is true of a company. (a) False (b) True
4. 4.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
7. 7.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owners’ risk is limited (d) a separate legal body
8. 8.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.A small business sells 45 cupcakes at ₹45 each. What is its revenue (in ₹)?
11. 11.A small business selling cupcakes had a revenue of ₹255 and a profit of ₹105. What were its costs (in ₹)?
12. 12.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) a separate legal body (d) owners’ risk is limited
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
14. 14.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
15. 15.A small business selling fruit cups had a revenue of ₹2295 and a profit of ₹945. What were its costs (in ₹)?
16. 16.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) run by directors
17. 17.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 32 bags of popcorn at ₹40 each. Its costs are ₹1010. What is its profit (in ₹)?
19. 19.A small business sells 51 handmade cards at ₹45 each. What is its revenue (in ₹)?
20. 20.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
21. 21.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
22. 22.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
23. 23.A small business selling fruit cups had a revenue of ₹1350 and a profit of ₹410. What were its costs (in ₹)?
24. 24.A small business sells 51 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
25. 25.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
26. 26.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
27. 27.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) a separate legal body (d) owned by shareholders
28. 28.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
29. 29.A small business selling handmade cards had a revenue of ₹850 and a profit of ₹380. What were its costs (in ₹)?
30. 30.A small business selling handmade cards had a revenue of ₹1470 and a profit of ₹470. What were its costs (in ₹)?
31. 31.A small business sells 48 glasses of chai at ₹30 each. Its costs are ₹580. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
33. 33.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 16 jute bags at ₹30 each. What is its revenue (in ₹)?
35. 35.A small business sells 18 handmade cards at ₹5 each. What is its revenue (in ₹)?
36. 36.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 29 glasses of chai at ₹25 each. What is its revenue (in ₹)?
38. 38.A small business sells 35 handmade cards at ₹35 each. What is its revenue (in ₹)?
39. 39.A small business sells 51 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
40. 40.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers

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