Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 154 · 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.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
2. 2.A small business selling paper bookmarks had a revenue of ₹840 and a profit of ₹720. What were its costs (in ₹)?
3. 3.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
4. 4.A small business selling cupcakes had a revenue of ₹500 and a profit of ₹160. What were its costs (in ₹)?
5. 5.True or false: “run by directors” is true of a company. (a) True (b) False
6. 6.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
7. 7.True or false: “owned by shareholders” is true of a company. (a) False (b) True
8. 8.A small business selling glasses of chai had a revenue of ₹130 and a profit of ₹60. What were its costs (in ₹)?
9. 9.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
10. 10.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
11. 11.A small business sells 25 bags of popcorn at ₹50 each. Its costs are ₹180. What is its profit (in ₹)?
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) simplest to start (d) owned by shareholders
13. 13.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
15. 15.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
16. 16.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
17. 17.A small business sells 29 cupcakes at ₹45 each. What is its revenue (in ₹)?
18. 18.True or false: “a separate legal body” is true of a company. (a) True (b) False
19. 19.A small business sells 28 handmade cards at ₹15 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
22. 22.A small business sells 35 cups of lemonade at ₹45 each. Its costs are ₹670. What is its profit (in ₹)?
23. 23.A small business sells 57 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
25. 25.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
26. 26.True or false: “simplest to start” is true of a company. (a) True (b) False
27. 27.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
28. 28.A small business sells 53 clay diyas at ₹5 each. What is its revenue (in ₹)?
29. 29.A small business sells 60 glasses of chai at ₹15 each. Its costs are ₹70. What is its profit (in ₹)?
30. 30.True or false: “run by directors” is true of a sole trader. (a) True (b) False
31. 31.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
32. 32.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
33. 33.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) one owner runs it
34. 34.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
35. 35.True or false: “one owner runs it” is true of a company. (a) False (b) True
36. 36.A small business sells 32 glasses of chai at ₹40 each. What is its revenue (in ₹)?
37. 37.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
38. 38.A small business selling paper bookmarks had a revenue of ₹750 and a profit of ₹280. What were its costs (in ₹)?
39. 39.A small business sells 33 fruit cups at ₹25 each. Its costs are ₹780. What is its profit (in ₹)?
40. 40.A small business selling potted plants had a revenue of ₹380 and a profit of ₹190. What were its costs (in ₹)?

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