Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 833 · 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: owners’ risk is limited? (a) a sole trader (b) a company
2. 2.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
3. 3.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
4. 4.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) simplest to start (d) one owner runs it
5. 5.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) run by directors (d) a separate legal body
6. 6.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
7. 7.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) owners’ risk is limited
8. 8.A small business sells 42 potted plants at ₹30 each. What is its revenue (in ₹)?
9. 9.A small business selling painted pebbles had a revenue of ₹215 and a profit of ₹125. What were its costs (in ₹)?
10. 10.A small business sells 51 friendship bands at ₹40 each. What is its revenue (in ₹)?
11. 11.A small business sells 55 glasses of chai at ₹15 each. Its costs are ₹710. What is its profit (in ₹)?
12. 12.A small business selling painted pebbles had a revenue of ₹290 and a profit of ₹190. What were its costs (in ₹)?
13. 13.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
15. 15.A small business sells 28 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
16. 16.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
17. 17.A small business sells 38 clay diyas at ₹30 each. Its costs are ₹680. What is its profit (in ₹)?
18. 18.A small business sells 24 fruit cups at ₹30 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
20. 20.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
22. 22.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
23. 23.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
24. 24.A small business selling handmade cards had a revenue of ₹615 and a profit of ₹325. What were its costs (in ₹)?
25. 25.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
26. 26.True or false: “run by directors” is true of a company. (a) False (b) True
27. 27.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
28. 28.True or false: “run by directors” is true of a sole trader. (a) False (b) True
29. 29.A small business sells 51 glasses of chai at ₹45 each. Its costs are ₹1860. What is its profit (in ₹)?
30. 30.True or false: “owner owes the debts” is true of a company. (a) True (b) False
31. 31.A small business sells 28 paper bookmarks at ₹15 each. Its costs are ₹120. What is its profit (in ₹)?
32. 32.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
33. 33.A small business selling paper bookmarks had a revenue of ₹1650 and a profit of ₹850. What were its costs (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) owners’ risk is limited
35. 35.A small business selling friendship bands had a revenue of ₹1050 and a profit of ₹740. What were its costs (in ₹)?
36. 36.A small business selling painted pebbles had a revenue of ₹1000 and a profit of ₹90. What were its costs (in ₹)?
37. 37.A small business sells 53 cupcakes at ₹10 each. What is its revenue (in ₹)?
38. 38.🎂 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
39. 39.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False

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