Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 13 · 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: run by directors? (a) a sole trader (b) a company
2. 2.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
3. 3.A small business selling cupcakes had a revenue of ₹1080 and a profit of ₹930. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (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 keeps all profit (c) simplest to start (d) a separate legal body
7. 7.A small business sells 37 glasses of chai at ₹15 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner owes the debts
9. 9.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
10. 10.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owned by shareholders (d) one owner runs it
11. 11.A small business selling cupcakes had a revenue of ₹810 and a profit of ₹80. What were its costs (in ₹)?
12. 12.A small business sells 54 friendship bands at ₹30 each. Its costs are ₹170. What is its profit (in ₹)?
13. 13.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
14. 14.A small business sells 13 cupcakes at ₹35 each. Its costs are ₹360. What is its profit (in ₹)?
15. 15.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
16. 16.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
17. 17.A small business sells 54 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
18. 18.True or false: “one owner runs it” is true of a company. (a) False (b) True
19. 19.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
20. 20.A small business sells 59 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
21. 21.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
22. 22.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
25. 25.A small business selling glasses of chai had a revenue of ₹420 and a profit of ₹120. What were its costs (in ₹)?
26. 26.True or false: “owned by shareholders” is true of a company. (a) False (b) True
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.True or false: “a separate legal body” is true of a company. (a) False (b) True
29. 29.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
30. 30.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) owner keeps all profit
32. 32.A small business sells 47 handmade cards at ₹35 each. What is its revenue (in ₹)?
33. 33.True or false: “run by directors” is true of a company. (a) False (b) True
34. 34.A small business selling fruit cups had a revenue of ₹980 and a profit of ₹480. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
36. 36.A small business selling potted plants had a revenue of ₹240 and a profit of ₹60. What were its costs (in ₹)?
37. 37.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
38. 38.A small business sells 48 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) owner keeps all profit
40. 40.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit

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