Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 916 · 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: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
2. 2.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) a separate legal body (d) one owner runs it
3. 3.True or false: “owner owes the debts” is true of a company. (a) False (b) True
4. 4.A small business sells 30 friendship bands at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
6. 6.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
7. 7.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
8. 8.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) owner owes the debts
9. 9.A small business sells 50 jute bags at ₹50 each. What is its revenue (in ₹)?
10. 10.A small business selling jute bags had a revenue of ₹275 and a profit of ₹175. What were its costs (in ₹)?
11. 11.A small business sells 43 jute bags at ₹25 each. What is its revenue (in ₹)?
12. 12.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
13. 13.A small business selling clay diyas had a revenue of ₹60 and a profit of ₹30. What were its costs (in ₹)?
14. 14.A small business selling jute bags had a revenue of ₹925 and a profit of ₹95. What were its costs (in ₹)?
15. 15.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
18. 18.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
21. 21.True or false: “one owner runs it” is true of a company. (a) True (b) False
22. 22.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
23. 23.A small business selling glasses of chai had a revenue of ₹1395 and a profit of ₹755. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
25. 25.A small business sells 49 fruit cups at ₹5 each. What is its revenue (in ₹)?
26. 26.True or false: “owned by shareholders” is true of a company. (a) False (b) True
27. 27.True or false: “simplest to start” is true of a company. (a) True (b) False
28. 28.A small business sells 40 cups of lemonade at ₹15 each. Its costs are ₹200. What is its profit (in ₹)?
29. 29.A small business selling paper bookmarks had a revenue of ₹1125 and a profit of ₹675. What were its costs (in ₹)?
30. 30.A small business sells 29 glasses of chai at ₹20 each. What is its revenue (in ₹)?
31. 31.True or false: “run by directors” is true of a sole trader. (a) False (b) True
32. 32.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) one owner runs it
33. 33.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
34. 34.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
36. 36.A small business sells 24 cupcakes at ₹10 each. Its costs are ₹200. What is its profit (in ₹)?
37. 37.A small business sells 36 friendship bands at ₹20 each. Its costs are ₹480. What is its profit (in ₹)?
38. 38.A small business sells 15 clay diyas at ₹45 each. What is its revenue (in ₹)?
39. 39.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
40. 40.A small business sells 58 clay diyas at ₹25 each. Its costs are ₹930. What is its profit (in ₹)?

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