Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 980 · 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) run by directors (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
2. 2.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
3. 3.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
6. 6.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
7. 7.A small business sells 26 cupcakes at ₹45 each. What is its revenue (in ₹)?
8. 8.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
9. 9.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
10. 10.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
13. 13.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) run by directors (d) a separate legal body
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
16. 16.A small business sells 26 potted plants at ₹30 each. What is its revenue (in ₹)?
17. 17.A small business sells 24 fruit cups at ₹35 each. Its costs are ₹670. What is its profit (in ₹)?
18. 18.A small business sells 48 glasses of chai at ₹20 each. What is its revenue (in ₹)?
19. 19.A small business sells 57 cupcakes at ₹25 each. Its costs are ₹780. What is its profit (in ₹)?
20. 20.A small business sells 38 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
21. 21.A small business sells 33 fruit cups at ₹35 each. What is its revenue (in ₹)?
22. 22.A small business sells 17 fruit cups at ₹30 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
24. 24.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
25. 25.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
26. 26.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
27. 27.A small business selling jute bags had a revenue of ₹1440 and a profit of ₹1400. What were its costs (in ₹)?
28. 28.A small business sells 52 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
29. 29.A small business sells 50 cupcakes at ₹10 each. What is its revenue (in ₹)?
30. 30.A small business selling glasses of chai had a revenue of ₹1800 and a profit of ₹620. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
32. 32.A small business sells 45 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
35. 35.A small business selling bags of popcorn had a revenue of ₹1155 and a profit of ₹515. What were its costs (in ₹)?
36. 36.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
37. 37.A small business sells 31 cups of lemonade at ₹50 each. Its costs are ₹1500. What is its profit (in ₹)?
38. 38.A small business sells 43 cupcakes at ₹35 each. What is its revenue (in ₹)?
39. 39.A small business sells 40 jute bags at ₹15 each. What is its revenue (in ₹)?
40. 40.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) a separate legal body (d) run by directors

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