Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 944 · 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) owned by shareholders (b) owner owes the debts (c) a separate legal body (d) owners’ risk is limited
2. 2.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
3. 3.A small business selling handmade cards had a revenue of ₹800 and a profit of ₹680. What were its costs (in ₹)?
4. 4.A small business sells 60 clay diyas at ₹30 each. Its costs are ₹430. What is its profit (in ₹)?
5. 5.True or false: “run by directors” is true of a sole trader. (a) True (b) False
6. 6.A small business selling glasses of chai had a revenue of ₹1180 and a profit of ₹690. What were its costs (in ₹)?
7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
8. 8.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
9. 9.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
10. 10.True or false: “owner owes the debts” is true of a company. (a) False (b) True
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owned by shareholders
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
13. 13.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner owes the debts (d) simplest to start
14. 14.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
16. 16.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
17. 17.A small business sells 14 bags of popcorn at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
18. 18.A small business sells 40 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
19. 19.A small business sells 38 bags of popcorn at ₹35 each. Its costs are ₹1000. What is its profit (in ₹)?
20. 20.A small business selling cups of lemonade had a revenue of ₹700 and a profit of ₹300. What were its costs (in ₹)?
21. 21.A small business sells 11 glasses of chai at ₹30 each. What is its revenue (in ₹)?
22. 22.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
23. 23.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) owner keeps all profit
24. 24.A small business sells 38 painted pebbles at ₹25 each. Its costs are ₹590. What is its profit (in ₹)?
25. 25.True or false: “one owner runs it” is true of a company. (a) False (b) True
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
29. 29.A small business sells 39 cups of lemonade at ₹30 each. Its costs are ₹720. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
31. 31.True or false: “owned by shareholders” is true of a company. (a) True (b) False
32. 32.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) one owner runs it
33. 33.A small business selling glasses of chai had a revenue of ₹110 and a profit of ₹70. What were its costs (in ₹)?
34. 34.A small business sells 45 friendship bands at ₹10 each. What is its revenue (in ₹)?
35. 35.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) run by directors (d) simplest to start
36. 36.A small business sells 22 handmade cards at ₹45 each. What is its revenue (in ₹)?
37. 37.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
38. 38.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
40. 40.True or false: “simplest to start” is true of a company. (a) False (b) True

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