Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 872 · 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: a separate legal body? (a) a company (b) a sole trader
2. 2.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
3. 3.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
4. 4.A small business selling handmade cards had a revenue of ₹360 and a profit of ₹110. What were its costs (in ₹)?
5. 5.A small business selling fruit cups had a revenue of ₹70 and a profit of ₹30. What were its costs (in ₹)?
6. 6.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
7. 7.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
8. 8.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
9. 9.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
10. 10.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owners’ risk is limited
12. 12.A small business sells 45 handmade cards at ₹10 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
16. 16.A small business selling paper bookmarks had a revenue of ₹145 and a profit of ₹65. What were its costs (in ₹)?
17. 17.True or false: “one owner runs it” is true of a company. (a) True (b) False
18. 18.A small business selling potted plants had a revenue of ₹295 and a profit of ₹145. What were its costs (in ₹)?
19. 19.True or false: “owner owes the debts” is true of a company. (a) False (b) True
20. 20.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
22. 22.A small business selling cups of lemonade had a revenue of ₹570 and a profit of ₹440. What were its costs (in ₹)?
23. 23.A small business sells 50 cupcakes at ₹5 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
25. 25.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
26. 26.True or false: “run by directors” is true of a sole trader. (a) False (b) True
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
29. 29.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
30. 30.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
31. 31.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
32. 32.A small business sells 59 cupcakes at ₹50 each. What is its revenue (in ₹)?
33. 33.A small business selling paper bookmarks had a revenue of ₹625 and a profit of ₹195. What were its costs (in ₹)?
34. 34.A small business sells 60 clay diyas at ₹5 each. What is its revenue (in ₹)?
35. 35.A small business selling clay diyas had a revenue of ₹2950 and a profit of ₹740. What were its costs (in ₹)?
36. 36.A small business sells 12 cups of lemonade at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
37. 37.True or false: “a separate legal body” is true of a company. (a) False (b) True
38. 38.A small business sells 32 potted plants at ₹15 each. Its costs are ₹190. What is its profit (in ₹)?
39. 39.True or false: “owned by shareholders” is true of a company. (a) True (b) False
40. 40.A small business selling friendship bands had a revenue of ₹160 and a profit of ₹150. What were its costs (in ₹)?

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