Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 827 · 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.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
2. 2.A small business sells 27 fruit cups at ₹25 each. Its costs are ₹100. What is its profit (in ₹)?
3. 3.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner owes the debts (d) one owner runs it
4. 4.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
5. 5.A small business sells 15 clay diyas at ₹40 each. Its costs are ₹340. What is its profit (in ₹)?
6. 6.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
7. 7.A small business sells 54 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) run by directors
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
10. 10.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
11. 11.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
12. 12.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
13. 13.A small business sells 20 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
15. 15.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
16. 16.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
17. 17.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) owner keeps all profit
18. 18.True or false: “a separate legal body” is true of a company. (a) False (b) True
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner owes the debts
20. 20.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
21. 21.True or false: “simplest to start” is true of a company. (a) True (b) False
22. 22.A small business sells 10 potted plants at ₹25 each. What is its revenue (in ₹)?
23. 23.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
24. 24.A small business sells 10 fruit cups at ₹25 each. Its costs are ₹130. What is its profit (in ₹)?
25. 25.A small business selling potted plants had a revenue of ₹380 and a profit of ₹170. What were its costs (in ₹)?
26. 26.A small business sells 57 painted pebbles at ₹40 each. What is its revenue (in ₹)?
27. 27.A small business selling fruit cups had a revenue of ₹510 and a profit of ₹330. What were its costs (in ₹)?
28. 28.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
29. 29.A small business sells 47 painted pebbles at ₹20 each. Its costs are ₹190. What is its profit (in ₹)?
30. 30.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
31. 31.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
32. 32.A small business sells 55 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
34. 34.A small business sells 40 cups of lemonade at ₹25 each. Its costs are ₹860. What is its profit (in ₹)?
35. 35.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
36. 36.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
37. 37.A small business sells 29 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
38. 38.True or false: “owner owes the debts” is true of a company. (a) True (b) False
39. 39.A small business sells 53 handmade cards at ₹50 each. What is its revenue (in ₹)?
40. 40.📊 Revenue or profit: money in before costs? (a) profit (b) revenue

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