Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 928 · 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.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) simplest to start
3. 3.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
4. 4.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) a separate legal body
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
7. 7.A small business sells 28 potted plants at ₹25 each. Its costs are ₹30. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
9. 9.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
11. 11.True or false: “owner owes the debts” is true of a company. (a) True (b) False
12. 12.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
15. 15.A small business sells 20 potted plants at ₹20 each. What is its revenue (in ₹)?
16. 16.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.A small business sells 14 potted plants at ₹40 each. What is its revenue (in ₹)?
19. 19.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
20. 20.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) run by directors (d) a separate legal body
21. 21.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) owners’ risk is limited
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
23. 23.A small business sells 43 handmade cards at ₹35 each. Its costs are ₹380. What is its profit (in ₹)?
24. 24.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
25. 25.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
27. 27.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
28. 28.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
29. 29.True or false: “a separate legal body” is true of a company. (a) False (b) True
30. 30.A small business selling jute bags had a revenue of ₹910 and a profit of ₹30. What were its costs (in ₹)?
31. 31.A small business selling potted plants had a revenue of ₹2070 and a profit of ₹180. What were its costs (in ₹)?
32. 32.A small business sells 23 clay diyas at ₹25 each. Its costs are ₹380. What is its profit (in ₹)?
33. 33.A small business sells 36 potted plants at ₹50 each. Its costs are ₹1770. What is its profit (in ₹)?
34. 34.A small business sells 21 bags of popcorn at ₹45 each. Its costs are ₹220. What is its profit (in ₹)?
35. 35.A small business sells 34 clay diyas at ₹35 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
37. 37.True or false: “run by directors” is true of a company. (a) True (b) False
38. 38.A small business selling friendship bands had a revenue of ₹210 and a profit of ₹150. What were its costs (in ₹)?
39. 39.A small business sells 49 potted plants at ₹35 each. What is its revenue (in ₹)?
40. 40.A small business sells 45 bags of popcorn at ₹35 each. What is its revenue (in ₹)?

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