Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 808 · 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) a separate legal body (b) owned by shareholders (c) run by directors (d) simplest to start
2. 2.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
3. 3.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
4. 4.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
5. 5.A small business selling clay diyas had a revenue of ₹350 and a profit of ₹310. What were its costs (in ₹)?
6. 6.A small business sells 48 painted pebbles at ₹35 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) a separate legal body
8. 8.True or false: “one owner runs it” is true of a company. (a) True (b) False
9. 9.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
10. 10.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it
15. 15.A small business sells 14 glasses of chai at ₹25 each. What is its revenue (in ₹)?
16. 16.A small business selling glasses of chai had a revenue of ₹1530 and a profit of ₹380. What were its costs (in ₹)?
17. 17.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
18. 18.A small business sells 30 painted pebbles at ₹30 each. Its costs are ₹560. What is its profit (in ₹)?
19. 19.A small business selling paper bookmarks had a revenue of ₹580 and a profit of ₹490. What were its costs (in ₹)?
20. 20.A small business sells 17 clay diyas at ₹15 each. What is its revenue (in ₹)?
21. 21.A small business sells 56 potted plants at ₹20 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) run by directors (d) simplest to start
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) owner owes the debts (d) one owner runs it
25. 25.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
26. 26.True or false: “a separate legal body” is true of a company. (a) True (b) False
27. 27.A small business sells 18 fruit cups at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
28. 28.A small business sells 27 cups of lemonade at ₹45 each. Its costs are ₹250. What is its profit (in ₹)?
29. 29.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
30. 30.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
31. 31.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
32. 32.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
33. 33.A small business sells 31 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
34. 34.A small business sells 16 jute bags at ₹30 each. Its costs are ₹330. What is its profit (in ₹)?
35. 35.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
37. 37.A small business sells 36 fruit cups at ₹45 each. What is its revenue (in ₹)?
38. 38.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
39. 39.A small business sells 56 painted pebbles at ₹15 each. Its costs are ₹220. What is its profit (in ₹)?
40. 40.A small business selling jute bags had a revenue of ₹300 and a profit of ₹120. What were its costs (in ₹)?

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