Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 140 · 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: owners’ risk is limited? (a) a sole trader (b) a company
2. 2.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) owners’ risk is limited
3. 3.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
4. 4.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner keeps all profit
5. 5.A small business sells 26 painted pebbles at ₹25 each. Its costs are ₹250. What is its profit (in ₹)?
6. 6.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) run by directors
7. 7.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
8. 8.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
9. 9.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
10. 10.True or false: “simplest to start” is true of a company. (a) True (b) False
11. 11.True or false: “owned by shareholders” is true of a company. (a) True (b) False
12. 12.A small business sells 46 painted pebbles at ₹25 each. What is its revenue (in ₹)?
13. 13.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) simplest to start
15. 15.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
16. 16.A small business sells 56 cupcakes at ₹45 each. Its costs are ₹590. What is its profit (in ₹)?
17. 17.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
18. 18.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 38 cups of lemonade at ₹25 each. Its costs are ₹630. What is its profit (in ₹)?
20. 20.A small business sells 56 glasses of chai at ₹30 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
22. 22.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
23. 23.A small business sells 48 jute bags at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
24. 24.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
25. 25.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
26. 26.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
27. 27.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owners’ risk is limited
28. 28.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
30. 30.A small business sells 27 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
31. 31.A small business sells 32 fruit cups at ₹15 each. What is its revenue (in ₹)?
32. 32.A small business sells 30 painted pebbles at ₹25 each. What is its revenue (in ₹)?
33. 33.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
34. 34.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
35. 35.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
36. 36.A small business sells 10 clay diyas at ₹15 each. What is its revenue (in ₹)?
37. 37.True or false: “owner owes the debts” is true of a company. (a) False (b) True
38. 38.A small business sells 28 fruit cups at ₹30 each. Its costs are ₹640. What is its profit (in ₹)?
39. 39.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
40. 40.A small business selling paper bookmarks had a revenue of ₹855 and a profit of ₹535. What were its costs (in ₹)?

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