Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 143 · 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.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
2. 2.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) owners’ risk is limited
3. 3.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
6. 6.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
7. 7.A small business sells 58 handmade cards at ₹40 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
9. 9.A small business selling handmade cards had a revenue of ₹300 and a profit of ₹200. What were its costs (in ₹)?
10. 10.A small business selling cups of lemonade had a revenue of ₹300 and a profit of ₹40. What were its costs (in ₹)?
11. 11.A small business sells 19 potted plants at ₹5 each. What is its revenue (in ₹)?
12. 12.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
13. 13.A small business sells 59 handmade cards at ₹45 each. Its costs are ₹1970. What is its profit (in ₹)?
14. 14.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
15. 15.A small business selling fruit cups had a revenue of ₹1785 and a profit of ₹1475. What were its costs (in ₹)?
16. 16.A small business sells 14 paper bookmarks at ₹30 each. Its costs are ₹180. What is its profit (in ₹)?
17. 17.A small business sells 60 handmade cards at ₹30 each. Its costs are ₹1570. What is its profit (in ₹)?
18. 18.A small business selling jute bags had a revenue of ₹795 and a profit of ₹555. What were its costs (in ₹)?
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit
20. 20.A small business selling cupcakes had a revenue of ₹920 and a profit of ₹200. What were its costs (in ₹)?
21. 21.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
22. 22.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
23. 23.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
24. 24.A small business sells 60 friendship bands at ₹35 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
26. 26.A small business sells 35 glasses of chai at ₹50 each. Its costs are ₹1000. What is its profit (in ₹)?
27. 27.True or false: “owned by shareholders” is true of a company. (a) True (b) False
28. 28.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
29. 29.A small business sells 40 handmade cards at ₹15 each. What is its revenue (in ₹)?
30. 30.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
31. 31.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
32. 32.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
33. 33.True or false: “run by directors” is true of a sole trader. (a) True (b) False
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 17 handmade cards at ₹40 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
37. 37.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
38. 38.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
39. 39.A small business sells 12 potted plants at ₹20 each. Its costs are ₹160. What is its profit (in ₹)?
40. 40.True or false: “owner owes the debts” is true of a company. (a) True (b) False

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