Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 878 · 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.A small business selling potted plants had a revenue of ₹750 and a profit of ₹100. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
3. 3.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
4. 4.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) one owner runs it (d) owned by shareholders
5. 5.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
6. 6.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
7. 7.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
8. 8.True or false: “owner owes the debts” is true of a company. (a) False (b) True
9. 9.True or false: “run by directors” is true of a company. (a) True (b) False
10. 10.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) owners’ risk is limited
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) owners’ risk is limited
12. 12.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
13. 13.A small business selling cups of lemonade had a revenue of ₹2160 and a profit of ₹1380. What were its costs (in ₹)?
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
16. 16.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) run by directors
17. 17.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
18. 18.A small business sells 42 cups of lemonade at ₹50 each. Its costs are ₹1270. What is its profit (in ₹)?
19. 19.True or false: “one owner runs it” is true of a company. (a) True (b) False
20. 20.A small business selling cups of lemonade had a revenue of ₹920 and a profit of ₹160. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
22. 22.A small business sells 20 potted plants at ₹50 each. What is its revenue (in ₹)?
23. 23.A small business sells 50 handmade cards at ₹20 each. Its costs are ₹710. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
25. 25.A small business sells 22 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
27. 27.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
28. 28.A small business sells 10 handmade cards at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
29. 29.A small business sells 27 fruit cups at ₹20 each. Its costs are ₹260. What is its profit (in ₹)?
30. 30.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
31. 31.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
32. 32.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) run by directors
33. 33.True or false: “simplest to start” is true of a company. (a) False (b) True
34. 34.A small business sells 43 friendship bands at ₹10 each. Its costs are ₹310. What is its profit (in ₹)?
35. 35.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
36. 36.A small business selling bags of popcorn had a revenue of ₹990 and a profit of ₹110. What were its costs (in ₹)?
37. 37.A small business sells 13 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
38. 38.A small business sells 46 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
40. 40.True or false: “run by directors” is true of a sole trader. (a) True (b) False

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