Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 866 · 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: simplest to start? (a) a sole trader (b) a company
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner keeps all profit
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) one owner runs it
6. 6.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner owes the debts (d) one owner runs it
7. 7.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
8. 8.A small business sells 26 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
9. 9.True or false: “run by directors” is true of a company. (a) False (b) True
10. 10.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) one owner runs it (d) simplest to start
11. 11.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) owned by shareholders
13. 13.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) owners’ risk is limited
14. 14.A small business sells 13 jute bags at ₹30 each. What is its revenue (in ₹)?
15. 15.A small business sells 60 handmade cards at ₹5 each. What is its revenue (in ₹)?
16. 16.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
17. 17.True or false: “owned by shareholders” is true of a company. (a) False (b) True
18. 18.A small business selling bags of popcorn had a revenue of ₹680 and a profit of ₹410. What were its costs (in ₹)?
19. 19.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
20. 20.A small business sells 38 glasses of chai at ₹50 each. Its costs are ₹1660. What is its profit (in ₹)?
21. 21.A small business selling jute bags had a revenue of ₹190 and a profit of ₹40. What were its costs (in ₹)?
22. 22.A small business sells 30 cups of lemonade at ₹30 each. Its costs are ₹10. What is its profit (in ₹)?
23. 23.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
24. 24.A small business sells 53 glasses of chai at ₹40 each. What is its revenue (in ₹)?
25. 25.A small business sells 54 friendship bands at ₹30 each. What is its revenue (in ₹)?
26. 26.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
27. 27.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) a separate legal body
28. 28.A small business sells 25 glasses of chai at ₹25 each. Its costs are ₹500. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
30. 30.A small business sells 59 clay diyas at ₹45 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
32. 32.A small business selling friendship bands had a revenue of ₹490 and a profit of ₹350. What were its costs (in ₹)?
33. 33.A small business sells 18 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
34. 34.A small business selling cupcakes had a revenue of ₹560 and a profit of ₹380. What were its costs (in ₹)?
35. 35.A small business sells 28 fruit cups at ₹50 each. What is its revenue (in ₹)?
36. 36.A small business sells 60 painted pebbles at ₹15 each. Its costs are ₹860. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
38. 38.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
39. 39.True or false: “a separate legal body” is true of a company. (a) False (b) True
40. 40.A small business selling friendship bands had a revenue of ₹1995 and a profit of ₹1005. What were its costs (in ₹)?

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