Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 885 · 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 sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
2. 2.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
3. 3.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
4. 4.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) simplest to start (d) owned by shareholders
5. 5.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
6. 6.A small business sells 19 jute bags at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
7. 7.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
8. 8.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
9. 9.A small business sells 44 painted pebbles at ₹15 each. What is its revenue (in ₹)?
10. 10.A small business sells 32 potted plants at ₹30 each. Its costs are ₹940. What is its profit (in ₹)?
11. 11.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
12. 12.A small business sells 36 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
13. 13.🎂 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
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
16. 16.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
17. 17.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
18. 18.A small business selling painted pebbles had a revenue of ₹1125 and a profit of ₹15. What were its costs (in ₹)?
19. 19.A small business sells 27 painted pebbles at ₹30 each. Its costs are ₹620. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
22. 22.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) run by directors
23. 23.A small business sells 23 handmade cards at ₹25 each. Its costs are ₹140. What is its profit (in ₹)?
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) owner owes the debts
25. 25.A small business sells 31 cupcakes at ₹5 each. Its costs are ₹90. What is its profit (in ₹)?
26. 26.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
27. 27.A small business selling cupcakes had a revenue of ₹1170 and a profit of ₹570. What were its costs (in ₹)?
28. 28.A small business selling potted plants had a revenue of ₹135 and a profit of ₹25. What were its costs (in ₹)?
29. 29.True or false: “one owner runs it” is true of a company. (a) True (b) False
30. 30.A small business selling handmade cards had a revenue of ₹1800 and a profit of ₹900. What were its costs (in ₹)?
31. 31.True or false: “run by directors” is true of a company. (a) True (b) False
32. 32.A small business sells 36 painted pebbles at ₹10 each. What is its revenue (in ₹)?
33. 33.A small business sells 49 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
34. 34.A small business sells 26 jute bags at ₹40 each. What is its revenue (in ₹)?
35. 35.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
36. 36.A small business selling painted pebbles had a revenue of ₹2475 and a profit of ₹765. What were its costs (in ₹)?
37. 37.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
38. 38.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
39. 39.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False

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