Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 817 · 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) one owner runs it (b) a separate legal body (c) owner owes the debts (d) simplest to start
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
5. 5.A small business sells 18 fruit cups at ₹5 each. What is its revenue (in ₹)?
6. 6.A small business selling bags of popcorn had a revenue of ₹375 and a profit of ₹45. What were its costs (in ₹)?
7. 7.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
8. 8.A small business sells 13 bags of popcorn at ₹10 each. Its costs are ₹120. What is its profit (in ₹)?
9. 9.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) a separate legal body (d) owners’ risk is limited
10. 10.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
11. 11.A small business selling cups of lemonade had a revenue of ₹760 and a profit of ₹680. What were its costs (in ₹)?
12. 12.A small business sells 17 jute bags at ₹10 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.A small business selling fruit cups had a revenue of ₹1100 and a profit of ₹650. What were its costs (in ₹)?
15. 15.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
16. 16.True or false: “run by directors” is true of a company. (a) True (b) False
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owned by shareholders
18. 18.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
19. 19.A small business sells 35 potted plants at ₹40 each. What is its revenue (in ₹)?
20. 20.True or false: “run by directors” is true of a sole trader. (a) True (b) False
21. 21.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
22. 22.A small business sells 10 painted pebbles at ₹10 each. What is its revenue (in ₹)?
23. 23.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
24. 24.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
25. 25.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
26. 26.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
27. 27.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
28. 28.A small business sells 22 jute bags at ₹40 each. What is its revenue (in ₹)?
29. 29.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
30. 30.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner owes the debts (d) run by directors
31. 31.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
32. 32.A small business sells 22 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
33. 33.A small business selling cupcakes had a revenue of ₹675 and a profit of ₹275. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
35. 35.A small business sells 21 friendship bands at ₹50 each. Its costs are ₹310. What is its profit (in ₹)?
36. 36.A small business sells 57 painted pebbles at ₹20 each. What is its revenue (in ₹)?
37. 37.A small business sells 37 friendship bands at ₹45 each. What is its revenue (in ₹)?
38. 38.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner owes the debts (d) one owner runs it
39. 39.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
40. 40.A small business selling cupcakes had a revenue of ₹1100 and a profit of ₹50. What were its costs (in ₹)?

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