Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 158 · 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) its suppliers (c) the government always (d) its shareholders
2. 2.True or false: “owned by shareholders” is true of a company. (a) False (b) True
3. 3.A small business sells 22 handmade cards at ₹20 each. Its costs are ₹90. What is its profit (in ₹)?
4. 4.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) run by directors
5. 5.A small business sells 35 clay diyas at ₹10 each. What is its revenue (in ₹)?
6. 6.📜 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
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owners’ risk is limited
9. 9.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) a separate legal body
10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
11. 11.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
13. 13.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
14. 14.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
15. 15.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
17. 17.A small business selling fruit cups had a revenue of ₹1000 and a profit of ₹940. What were its costs (in ₹)?
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
19. 19.True or false: “owner owes the debts” is true of a company. (a) False (b) True
20. 20.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
21. 21.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
22. 22.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
23. 23.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner owes the debts (d) owner keeps all profit
24. 24.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
25. 25.True or false: “simplest to start” is true of a company. (a) False (b) True
26. 26.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
27. 27.True or false: “one owner runs it” is true of a company. (a) False (b) True
28. 28.A small business sells 25 glasses of chai at ₹30 each. What is its revenue (in ₹)?
29. 29.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
30. 30.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
31. 31.A small business selling cups of lemonade had a revenue of ₹850 and a profit of ₹90. What were its costs (in ₹)?
32. 32.A small business sells 32 glasses of chai at ₹15 each. Its costs are ₹50. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
34. 34.A small business selling friendship bands had a revenue of ₹490 and a profit of ₹320. What were its costs (in ₹)?
35. 35.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
36. 36.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
37. 37.A small business selling clay diyas had a revenue of ₹440 and a profit of ₹400. What were its costs (in ₹)?
38. 38.A small business selling cupcakes had a revenue of ₹315 and a profit of ₹75. What were its costs (in ₹)?
39. 39.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
40. 40.A small business sells 40 bags of popcorn at ₹35 each. What is its revenue (in ₹)?

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