Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 888 · 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) one owner runs it (c) run by directors (d) owners’ risk is limited
2. 2.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
3. 3.True or false: “owner owes the debts” is true of a company. (a) True (b) False
4. 4.A small business sells 53 friendship bands at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
5. 5.A small business sells 11 fruit cups at ₹15 each. Its costs are ₹10. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.A small business sells 36 cupcakes at ₹50 each. Its costs are ₹840. What is its profit (in ₹)?
8. 8.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
9. 9.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
10. 10.A small business sells 53 handmade cards at ₹20 each. Its costs are ₹120. What is its profit (in ₹)?
11. 11.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
12. 12.A small business sells 20 potted plants at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
15. 15.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
16. 16.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
17. 17.A small business sells 40 bags of popcorn at ₹45 each. Its costs are ₹280. What is its profit (in ₹)?
18. 18.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) run by directors
19. 19.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
20. 20.A small business sells 46 cupcakes at ₹15 each. What is its revenue (in ₹)?
21. 21.A small business sells 11 jute bags at ₹50 each. What is its revenue (in ₹)?
22. 22.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
23. 23.A small business selling friendship bands had a revenue of ₹780 and a profit of ₹290. What were its costs (in ₹)?
24. 24.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner keeps all profit (d) one owner runs it
25. 25.A small business sells 56 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
26. 26.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
27. 27.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
28. 28.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
29. 29.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
30. 30.A small business sells 26 fruit cups at ₹45 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) run by directors
32. 32.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
33. 33.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
34. 34.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
35. 35.A small business sells 12 cups of lemonade at ₹40 each. Its costs are ₹210. What is its profit (in ₹)?
36. 36.A small business sells 40 painted pebbles at ₹45 each. What is its revenue (in ₹)?
37. 37.A small business sells 18 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
38. 38.A small business sells 56 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
39. 39.True or false: “run by directors” is true of a company. (a) True (b) False
40. 40.A small business selling jute bags had a revenue of ₹1450 and a profit of ₹1300. What were its costs (in ₹)?

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