Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 998 · 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.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) owner owes the debts
3. 3.True or false: “owner owes the debts” is true of a company. (a) False (b) True
4. 4.A small business sells 48 potted plants at ₹40 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) owner keeps all profit (d) simplest to start
6. 6.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
7. 7.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.A small business selling painted pebbles had a revenue of ₹1600 and a profit of ₹1430. What were its costs (in ₹)?
10. 10.A small business selling paper bookmarks had a revenue of ₹700 and a profit of ₹450. What were its costs (in ₹)?
11. 11.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
12. 12.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
13. 13.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) owner owes the debts
16. 16.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
17. 17.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
18. 18.A small business sells 44 bags of popcorn at ₹5 each. Its costs are ₹150. What is its profit (in ₹)?
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts
20. 20.A small business sells 52 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
22. 22.A small business sells 35 fruit cups at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
24. 24.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
25. 25.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
26. 26.A small business selling potted plants had a revenue of ₹925 and a profit of ₹665. What were its costs (in ₹)?
27. 27.True or false: “run by directors” is true of a company. (a) True (b) False
28. 28.A small business sells 56 painted pebbles at ₹50 each. What is its revenue (in ₹)?
29. 29.A small business selling friendship bands had a revenue of ₹220 and a profit of ₹110. What were its costs (in ₹)?
30. 30.A small business selling handmade cards had a revenue of ₹210 and a profit of ₹90. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
32. 32.A small business sells 21 jute bags at ₹50 each. Its costs are ₹680. What is its profit (in ₹)?
33. 33.🎂 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
34. 34.A small business selling painted pebbles had a revenue of ₹85 and a profit of ₹35. What were its costs (in ₹)?
35. 35.True or false: “owned by shareholders” is true of a company. (a) False (b) True
36. 36.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
37. 37.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) run by directors (d) a separate legal body
38. 38.A small business sells 16 painted pebbles at ₹25 each. What is its revenue (in ₹)?
39. 39.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
40. 40.A small business sells 10 potted plants at ₹5 each. What is its revenue (in ₹)?

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