Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 965 · 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: “a separate legal body” is true of a company. (a) False (b) True
2. 2.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
3. 3.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
4. 4.A small business sells 52 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
6. 6.A small business sells 43 clay diyas at ₹35 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) run by directors
8. 8.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
9. 9.A small business sells 45 paper bookmarks at ₹30 each. Its costs are ₹60. What is its profit (in ₹)?
10. 10.A small business sells 22 friendship bands at ₹40 each. What is its revenue (in ₹)?
11. 11.A small business sells 50 glasses of chai at ₹15 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
13. 13.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
14. 14.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
15. 15.A small business selling cups of lemonade had a revenue of ₹1750 and a profit of ₹1560. What were its costs (in ₹)?
16. 16.True or false: “one owner runs it” is true of a company. (a) True (b) False
17. 17.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
18. 18.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
19. 19.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) simplest to start
20. 20.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
21. 21.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) owned by shareholders
22. 22.A small business sells 14 jute bags at ₹10 each. What is its revenue (in ₹)?
23. 23.A small business selling friendship bands had a revenue of ₹260 and a profit of ₹80. What were its costs (in ₹)?
24. 24.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) owner owes the debts
25. 25.A small business sells 32 cupcakes at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
26. 26.A small business sells 46 bags of popcorn at ₹45 each. Its costs are ₹770. What is its profit (in ₹)?
27. 27.A small business selling cups of lemonade had a revenue of ₹475 and a profit of ₹255. What were its costs (in ₹)?
28. 28.True or false: “simplest to start” is true of a company. (a) False (b) True
29. 29.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
30. 30.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
31. 31.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
32. 32.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
33. 33.A small business sells 27 jute bags at ₹5 each. What is its revenue (in ₹)?
34. 34.A small business sells 19 fruit cups at ₹15 each. Its costs are ₹140. What is its profit (in ₹)?
35. 35.A small business selling jute bags had a revenue of ₹460 and a profit of ₹160. What were its costs (in ₹)?
36. 36.A small business sells 51 friendship bands at ₹45 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
38. 38.A small business sells 24 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
39. 39.A small business sells 53 friendship bands at ₹5 each. What is its revenue (in ₹)?
40. 40.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owners’ risk is limited

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