Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 958 · 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.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
2. 2.A small business sells 53 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
4. 4.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
5. 5.A small business sells 12 friendship bands at ₹15 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
7. 7.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
8. 8.A small business sells 22 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner owes the debts
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) owners’ risk is limited
11. 11.A small business sells 52 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
13. 13.True or false: “owner owes the debts” is true of a company. (a) False (b) True
14. 14.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
15. 15.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) simplest to start
17. 17.A small business sells 13 clay diyas at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
18. 18.A small business selling friendship bands had a revenue of ₹350 and a profit of ₹290. What were its costs (in ₹)?
19. 19.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
20. 20.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) one owner runs it
22. 22.A small business sells 31 bags of popcorn at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
23. 23.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
24. 24.A small business sells 30 potted plants at ₹20 each. Its costs are ₹110. What is its profit (in ₹)?
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
26. 26.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
27. 27.A small business sells 23 handmade cards at ₹30 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) owners’ risk is limited (d) run by directors
29. 29.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
30. 30.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
31. 31.A small business sells 46 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) simplest to start (d) owner keeps all profit
33. 33.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
34. 34.A small business sells 11 fruit cups at ₹20 each. What is its revenue (in ₹)?
35. 35.A small business sells 44 cups of lemonade at ₹10 each. Its costs are ₹170. What is its profit (in ₹)?
36. 36.A small business selling friendship bands had a revenue of ₹270 and a profit of ₹140. What were its costs (in ₹)?
37. 37.A small business sells 27 glasses of chai at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
38. 38.True or false: “one owner runs it” is true of a company. (a) False (b) True
39. 39.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
40. 40.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue

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