Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 864 · 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.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner owes the debts (d) one owner runs it
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
3. 3.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) a separate legal body (d) run by directors
4. 4.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) owners’ risk is limited (d) a separate legal body
7. 7.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner owes the debts (d) simplest to start
8. 8.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
9. 9.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
10. 10.True or false: “run by directors” is true of a company. (a) True (b) False
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
12. 12.True or false: “run by directors” is true of a sole trader. (a) True (b) False
13. 13.A small business sells 53 fruit cups at ₹30 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
15. 15.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
16. 16.A small business sells 50 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
18. 18.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
19. 19.A small business sells 14 potted plants at ₹25 each. What is its revenue (in ₹)?
20. 20.A small business sells 16 painted pebbles at ₹50 each. What is its revenue (in ₹)?
21. 21.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
22. 22.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) owner owes the debts
23. 23.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
24. 24.A small business sells 31 fruit cups at ₹40 each. Its costs are ₹930. What is its profit (in ₹)?
25. 25.A small business sells 35 potted plants at ₹5 each. Its costs are ₹90. What is its profit (in ₹)?
26. 26.A small business sells 22 potted plants at ₹10 each. What is its revenue (in ₹)?
27. 27.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
28. 28.A small business sells 19 potted plants at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
29. 29.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
30. 30.A small business sells 60 painted pebbles at ₹30 each. What is its revenue (in ₹)?
31. 31.A small business sells 35 bags of popcorn at ₹35 each. Its costs are ₹210. What is its profit (in ₹)?
32. 32.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
33. 33.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
34. 34.A small business sells 38 potted plants at ₹25 each. Its costs are ₹830. What is its profit (in ₹)?
35. 35.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
36. 36.A small business selling potted plants had a revenue of ₹1080 and a profit of ₹620. What were its costs (in ₹)?
37. 37.A small business sells 27 potted plants at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
38. 38.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner keeps all profit (d) owner owes the debts
39. 39.A small business selling handmade cards had a revenue of ₹260 and a profit of ₹240. What were its costs (in ₹)?
40. 40.A small business selling potted plants had a revenue of ₹855 and a profit of ₹615. What were its costs (in ₹)?

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