Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 873 · 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 sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) run by directors
2. 2.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
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
4. 4.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
5. 5.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
7. 7.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
8. 8.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) simplest to start (d) owner keeps all profit
9. 9.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
11. 11.A small business sells 32 bags of popcorn at ₹35 each. Its costs are ₹960. What is its profit (in ₹)?
12. 12.A small business sells 25 fruit cups at ₹50 each. Its costs are ₹650. What is its profit (in ₹)?
13. 13.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
14. 14.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
15. 15.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
16. 16.A small business selling handmade cards had a revenue of ₹210 and a profit of ₹150. What were its costs (in ₹)?
17. 17.A small business selling glasses of chai had a revenue of ₹105 and a profit of ₹65. What were its costs (in ₹)?
18. 18.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
19. 19.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
20. 20.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
21. 21.A small business sells 37 cupcakes at ₹10 each. What is its revenue (in ₹)?
22. 22.A small business sells 57 jute bags at ₹45 each. What is its revenue (in ₹)?
23. 23.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
25. 25.A small business selling cupcakes had a revenue of ₹2280 and a profit of ₹440. What were its costs (in ₹)?
26. 26.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
27. 27.A small business sells 27 clay diyas at ₹5 each. What is its revenue (in ₹)?
28. 28.True or false: “run by directors” is true of a sole trader. (a) True (b) False
29. 29.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
30. 30.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
31. 31.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
32. 32.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
33. 33.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
34. 34.A small business sells 41 potted plants at ₹30 each. What is its revenue (in ₹)?
35. 35.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
36. 36.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
37. 37.A small business sells 39 friendship bands at ₹5 each. Its costs are ₹150. What is its profit (in ₹)?
38. 38.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
39. 39.A small business sells 24 painted pebbles at ₹25 each. What is its revenue (in ₹)?
40. 40.True or false: “simplest to start” is true of a company. (a) True (b) False

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