Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 828 · 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.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
2. 2.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
3. 3.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
5. 5.True or false: “run by directors” is true of a sole trader. (a) True (b) False
6. 6.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
7. 7.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
8. 8.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
9. 9.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) simplest to start
10. 10.True or false: “run by directors” is true of a company. (a) False (b) True
11. 11.A small business sells 35 paper bookmarks at ₹40 each. Its costs are ₹30. What is its profit (in ₹)?
12. 12.True or false: “one owner runs it” is true of a company. (a) True (b) False
13. 13.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
15. 15.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
16. 16.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
17. 17.A small business selling handmade cards had a revenue of ₹1995 and a profit of ₹655. What were its costs (in ₹)?
18. 18.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
19. 19.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
20. 20.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) a separate legal body
21. 21.A small business sells 40 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
23. 23.A small business sells 56 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
24. 24.A small business sells 36 fruit cups at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
25. 25.A small business sells 21 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
26. 26.A small business selling friendship bands had a revenue of ₹775 and a profit of ₹665. What were its costs (in ₹)?
27. 27.A small business sells 14 jute bags at ₹20 each. What is its revenue (in ₹)?
28. 28.A small business sells 42 fruit cups at ₹10 each. Its costs are ₹60. What is its profit (in ₹)?
29. 29.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
30. 30.A small business selling cups of lemonade had a revenue of ₹100 and a profit of ₹30. What were its costs (in ₹)?
31. 31.A small business selling potted plants had a revenue of ₹840 and a profit of ₹440. What were its costs (in ₹)?
32. 32.True or false: “owner owes the debts” is true of a company. (a) False (b) True
33. 33.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) a separate legal body
34. 34.A small business sells 12 bags of popcorn at ₹40 each. Its costs are ₹310. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
36. 36.A small business sells 40 fruit cups at ₹5 each. What is its revenue (in ₹)?
37. 37.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
38. 38.A small business selling fruit cups had a revenue of ₹2550 and a profit of ₹1730. What were its costs (in ₹)?
39. 39.A small business selling cupcakes had a revenue of ₹1560 and a profit of ₹860. What were its costs (in ₹)?
40. 40.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price

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