Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 862 · 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 sole trader (b) a company
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owners’ risk is limited
3. 3.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
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
5. 5.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
6. 6.A small business sells 35 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
7. 7.A small business sells 60 friendship bands at ₹45 each. What is its revenue (in ₹)?
8. 8.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
9. 9.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) a separate legal body
10. 10.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
11. 11.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner owes the debts (d) owner keeps all profit
12. 12.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
13. 13.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
14. 14.A small business sells 16 clay diyas at ₹25 each. Its costs are ₹150. What is its profit (in ₹)?
15. 15.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
16. 16.True or false: “run by directors” is true of a sole trader. (a) True (b) False
17. 17.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
18. 18.A small business sells 22 fruit cups at ₹25 each. Its costs are ₹260. What is its profit (in ₹)?
19. 19.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
20. 20.A small business selling fruit cups had a revenue of ₹1170 and a profit of ₹360. What were its costs (in ₹)?
21. 21.A small business sells 20 potted plants at ₹20 each. Its costs are ₹80. What is its profit (in ₹)?
22. 22.A small business sells 30 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
23. 23.A small business selling glasses of chai had a revenue of ₹620 and a profit of ₹260. What were its costs (in ₹)?
24. 24.A small business sells 57 potted plants at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
25. 25.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
26. 26.A small business sells 50 bags of popcorn at ₹10 each. Its costs are ₹440. What is its profit (in ₹)?
27. 27.A small business sells 53 fruit cups at ₹15 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
29. 29.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
30. 30.A small business selling painted pebbles had a revenue of ₹80 and a profit of ₹40. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
32. 32.A small business sells 31 clay diyas at ₹30 each. Its costs are ₹380. What is its profit (in ₹)?
33. 33.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
34. 34.A small business sells 35 handmade cards at ₹35 each. Its costs are ₹770. What is its profit (in ₹)?
35. 35.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
36. 36.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
37. 37.A small business sells 15 clay diyas at ₹25 each. Its costs are ₹190. What is its profit (in ₹)?
38. 38.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
39. 39.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
40. 40.A small business sells 45 friendship bands at ₹35 each. What is its revenue (in ₹)?

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