Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 807 · 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) owned by shareholders (b) a separate legal body (c) run by directors (d) one owner runs it
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
3. 3.A small business selling paper bookmarks had a revenue of ₹1200 and a profit of ₹1060. What were its costs (in ₹)?
4. 4.A small business selling handmade cards had a revenue of ₹170 and a profit of ₹150. What were its costs (in ₹)?
5. 5.True or false: “one owner runs it” is true of a company. (a) False (b) True
6. 6.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
9. 9.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
10. 10.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
11. 11.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
12. 12.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
13. 13.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
14. 14.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owners’ risk is limited (d) simplest to start
15. 15.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
16. 16.A small business selling potted plants had a revenue of ₹220 and a profit of ₹200. What were its costs (in ₹)?
17. 17.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
19. 19.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
20. 20.True or false: “simplest to start” is true of a company. (a) False (b) True
21. 21.A small business sells 24 bags of popcorn at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
22. 22.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owned by shareholders
23. 23.A small business sells 23 potted plants at ₹35 each. What is its revenue (in ₹)?
24. 24.True or false: “owner owes the debts” is true of a company. (a) False (b) True
25. 25.True or false: “run by directors” is true of a company. (a) False (b) True
26. 26.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) one owner runs it (d) owner keeps all profit
27. 27.A small business sells 18 fruit cups at ₹35 each. What is its revenue (in ₹)?
28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
29. 29.A small business sells 31 fruit cups at ₹30 each. What is its revenue (in ₹)?
30. 30.A small business selling handmade cards had a revenue of ₹195 and a profit of ₹25. What were its costs (in ₹)?
31. 31.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) owner keeps all profit (d) simplest to start
32. 32.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
33. 33.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
34. 34.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
35. 35.A small business sells 17 jute bags at ₹45 each. Its costs are ₹560. What is its profit (in ₹)?
36. 36.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
37. 37.A small business sells 36 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
38. 38.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
39. 39.True or false: “owned by shareholders” is true of a company. (a) False (b) True
40. 40.A small business sells 32 handmade cards at ₹40 each. Its costs are ₹400. What is its profit (in ₹)?

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