Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 835 · 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.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
3. 3.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
4. 4.A small business sells 21 potted plants at ₹35 each. Its costs are ₹70. What is its profit (in ₹)?
5. 5.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) run by directors
6. 6.True or false: “one owner runs it” is true of a company. (a) True (b) False
7. 7.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
8. 8.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
9. 9.A small business selling paper bookmarks had a revenue of ₹2040 and a profit of ₹410. What were its costs (in ₹)?
10. 10.A small business sells 55 glasses of chai at ₹15 each. What is its revenue (in ₹)?
11. 11.True or false: “owned by shareholders” is true of a company. (a) False (b) True
12. 12.A small business sells 58 potted plants at ₹25 each. Its costs are ₹790. What is its profit (in ₹)?
13. 13.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
14. 14.A small business sells 22 cupcakes at ₹50 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
16. 16.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
17. 17.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
18. 18.True or false: “a separate legal body” is true of a company. (a) False (b) True
19. 19.A small business sells 31 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
20. 20.A small business sells 53 cupcakes at ₹25 each. What is its revenue (in ₹)?
21. 21.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
22. 22.True or false: “run by directors” is true of a company. (a) True (b) False
23. 23.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
24. 24.A small business sells 11 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
25. 25.A small business sells 17 painted pebbles at ₹30 each. What is its revenue (in ₹)?
26. 26.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
27. 27.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
28. 28.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
29. 29.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
30. 30.📜 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
31. 31.A small business sells 31 painted pebbles at ₹40 each. What is its revenue (in ₹)?
32. 32.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
33. 33.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
34. 34.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
35. 35.A small business selling jute bags had a revenue of ₹50 and a profit of ₹30. What were its costs (in ₹)?
36. 36.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) owned by shareholders
38. 38.A small business sells 12 glasses of chai at ₹40 each. What is its revenue (in ₹)?
39. 39.True or false: “owner owes the debts” is true of a company. (a) True (b) False
40. 40.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock

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