Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 934 · 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) run by directors (c) owners’ risk is limited (d) one owner runs it
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) owned by shareholders
3. 3.True or false: “owner owes the debts” is true of a company. (a) True (b) False
4. 4.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owners’ risk is limited (d) owned by shareholders
7. 7.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) run by directors
8. 8.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
9. 9.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
10. 10.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
11. 11.A small business sells 13 handmade cards at ₹20 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
13. 13.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
14. 14.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
15. 15.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
16. 16.A small business sells 11 painted pebbles at ₹50 each. What is its revenue (in ₹)?
17. 17.A small business sells 26 glasses of chai at ₹25 each. What is its revenue (in ₹)?
18. 18.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
19. 19.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
20. 20.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
21. 21.A small business sells 45 cups of lemonade at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
22. 22.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
23. 23.A small business selling cupcakes had a revenue of ₹1215 and a profit of ₹595. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
25. 25.A small business sells 12 painted pebbles at ₹15 each. What is its revenue (in ₹)?
26. 26.A small business sells 26 clay diyas at ₹20 each. Its costs are ₹210. What is its profit (in ₹)?
27. 27.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
28. 28.True or false: “a separate legal body” is true of a company. (a) True (b) False
29. 29.A small business sells 17 clay diyas at ₹45 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
31. 31.A small business sells 35 fruit cups at ₹15 each. Its costs are ₹490. What is its profit (in ₹)?
32. 32.A small business sells 60 handmade cards at ₹50 each. What is its revenue (in ₹)?
33. 33.A small business selling clay diyas had a revenue of ₹1960 and a profit of ₹590. What were its costs (in ₹)?
34. 34.A small business sells 13 handmade cards at ₹5 each. What is its revenue (in ₹)?
35. 35.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
36. 36.A small business selling potted plants had a revenue of ₹520 and a profit of ₹510. What were its costs (in ₹)?
37. 37.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
38. 38.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
39. 39.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner owes the debts
40. 40.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company

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