Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 126 · 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: revenue minus costs? (a) profit (b) revenue
2. 2.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
3. 3.A small business selling clay diyas had a revenue of ₹875 and a profit of ₹105. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
5. 5.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
6. 6.A small business selling painted pebbles had a revenue of ₹175 and a profit of ₹105. What were its costs (in ₹)?
7. 7.A small business selling cups of lemonade had a revenue of ₹700 and a profit of ₹390. What were its costs (in ₹)?
8. 8.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
9. 9.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
10. 10.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
11. 11.A small business sells 54 glasses of chai at ₹35 each. What is its revenue (in ₹)?
12. 12.True or false: “one owner runs it” is true of a company. (a) False (b) True
13. 13.A small business sells 22 friendship bands at ₹40 each. What is its revenue (in ₹)?
14. 14.A small business sells 11 painted pebbles at ₹15 each. What is its revenue (in ₹)?
15. 15.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
16. 16.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
17. 17.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
18. 18.A small business sells 23 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
19. 19.A small business sells 45 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
20. 20.A small business sells 18 paper bookmarks at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
21. 21.A small business selling potted plants had a revenue of ₹160 and a profit of ₹50. What were its costs (in ₹)?
22. 22.A small business sells 10 handmade cards at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
23. 23.True or false: “simplest to start” is true of a company. (a) True (b) False
24. 24.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
25. 25.A small business sells 33 fruit cups at ₹20 each. Its costs are ₹380. What is its profit (in ₹)?
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
27. 27.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) one owner runs it
28. 28.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
29. 29.True or false: “a separate legal body” is true of a company. (a) True (b) False
30. 30.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
32. 32.A small business selling cups of lemonade had a revenue of ₹220 and a profit of ₹150. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
34. 34.A small business selling glasses of chai had a revenue of ₹840 and a profit of ₹280. What were its costs (in ₹)?
35. 35.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
36. 36.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
37. 37.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
38. 38.A small business sells 31 handmade cards at ₹20 each. What is its revenue (in ₹)?
39. 39.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False

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