Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 976 · 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: owner owes the debts? (a) a company (b) a sole trader
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
3. 3.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
4. 4.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) run by directors
6. 6.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) owner keeps all profit
7. 7.True or false: “owner owes the debts” is true of a company. (a) True (b) False
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.True or false: “a separate legal body” is true of a company. (a) True (b) False
10. 10.A small business sells 50 handmade cards at ₹5 each. Its costs are ₹210. What is its profit (in ₹)?
11. 11.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
12. 12.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
13. 13.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
14. 14.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
15. 15.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owned by shareholders (d) a separate legal body
16. 16.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
17. 17.🎂 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
18. 18.A small business sells 18 bags of popcorn at ₹15 each. Its costs are ₹170. What is its profit (in ₹)?
19. 19.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
20. 20.A small business sells 20 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
21. 21.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
22. 22.A small business sells 43 painted pebbles at ₹15 each. What is its revenue (in ₹)?
23. 23.A small business sells 20 clay diyas at ₹30 each. Its costs are ₹490. What is its profit (in ₹)?
24. 24.True or false: “owned by shareholders” is true of a company. (a) False (b) True
25. 25.A small business selling potted plants had a revenue of ₹735 and a profit of ₹185. What were its costs (in ₹)?
26. 26.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
27. 27.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
28. 28.A small business sells 19 clay diyas at ₹25 each. What is its revenue (in ₹)?
29. 29.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
30. 30.A small business sells 22 bags of popcorn at ₹50 each. Its costs are ₹120. What is its profit (in ₹)?
31. 31.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
32. 32.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) owner owes the debts (d) one owner runs it
33. 33.A small business sells 21 jute bags at ₹25 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
36. 36.A small business sells 35 handmade cards at ₹50 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a company? (a) simplest to start (b) run by directors (c) one owner runs it (d) owner keeps all profit
38. 38.A small business selling clay diyas had a revenue of ₹1015 and a profit of ₹625. What were its costs (in ₹)?
39. 39.A small business sells 33 glasses of chai at ₹50 each. What is its revenue (in ₹)?
40. 40.True or false: “run by directors” is true of a sole trader. (a) False (b) True

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