Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 850 · 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: owner owes the debts? (a) a company (b) a sole trader
2. 2.A small business sells 34 fruit cups at ₹40 each. What is its revenue (in ₹)?
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owned by shareholders (d) simplest to start
4. 4.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner keeps all profit (d) simplest to start
5. 5.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
6. 6.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
7. 7.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) run by directors (d) one owner runs it
8. 8.A small business sells 36 potted plants at ₹35 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) one owner runs it
10. 10.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
11. 11.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
12. 12.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
13. 13.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
14. 14.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
16. 16.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
17. 17.A small business sells 29 glasses of chai at ₹30 each. What is its revenue (in ₹)?
18. 18.True or false: “one owner runs it” is true of a company. (a) True (b) False
19. 19.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
20. 20.A small business sells 16 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
21. 21.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
22. 22.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
23. 23.A small business sells 20 cupcakes at ₹35 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
25. 25.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) run by directors
26. 26.True or false: “owned by shareholders” 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: owners’ risk is limited? (a) a sole trader (b) a company
29. 29.A small business selling fruit cups had a revenue of ₹285 and a profit of ₹205. What were its costs (in ₹)?
30. 30.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
31. 31.True or false: “owner owes the debts” is true of a company. (a) False (b) True
32. 32.A small business sells 37 fruit cups at ₹35 each. Its costs are ₹120. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
34. 34.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
35. 35.A small business selling glasses of chai had a revenue of ₹390 and a profit of ₹180. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
37. 37.A small business selling jute bags had a revenue of ₹230 and a profit of ₹100. What were its costs (in ₹)?
38. 38.A small business sells 23 cupcakes at ₹20 each. Its costs are ₹430. What is its profit (in ₹)?
39. 39.A small business sells 57 cups of lemonade at ₹40 each. Its costs are ₹1630. What is its profit (in ₹)?
40. 40.True or false: “simplest to start” is true of a company. (a) True (b) False

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