Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 913 · 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.True or false: “run by directors” is true of a sole trader. (a) True (b) False
2. 2.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
3. 3.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
9. 9.A small business sells 16 fruit cups at ₹30 each. What is its revenue (in ₹)?
10. 10.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
11. 11.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
12. 12.A small business selling fruit cups had a revenue of ₹795 and a profit of ₹625. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) owner owes the debts
15. 15.A small business sells 41 glasses of chai at ₹50 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) owner keeps all profit
18. 18.A small business selling bags of popcorn had a revenue of ₹490 and a profit of ₹360. What were its costs (in ₹)?
19. 19.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
20. 20.A small business sells 29 fruit cups at ₹50 each. What is its revenue (in ₹)?
21. 21.True or false: “one owner runs it” is true of a company. (a) False (b) True
22. 22.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
23. 23.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
24. 24.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owners’ risk is limited
25. 25.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner owes the debts
26. 26.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
27. 27.🎂 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
28. 28.A small business sells 43 friendship bands at ₹20 each. What is its revenue (in ₹)?
29. 29.A small business sells 10 clay diyas at ₹35 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
31. 31.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
32. 32.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
33. 33.A small business selling cupcakes had a revenue of ₹115 and a profit of ₹105. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
35. 35.A small business sells 19 potted plants at ₹30 each. What is its revenue (in ₹)?
36. 36.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
37. 37.A small business sells 22 clay diyas at ₹20 each. What is its revenue (in ₹)?
38. 38.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
39. 39.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
40. 40.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit

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