Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 195 · 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.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) owner owes the debts
2. 2.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
3. 3.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
4. 4.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) run by directors
5. 5.A small business sells 11 potted plants at ₹50 each. What is its revenue (in ₹)?
6. 6.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
7. 7.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) one owner runs it
8. 8.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
9. 9.A small business sells 32 handmade cards at ₹35 each. Its costs are ₹560. What is its profit (in ₹)?
10. 10.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) simplest to start
11. 11.A small business selling friendship bands had a revenue of ₹920 and a profit of ₹650. What were its costs (in ₹)?
12. 12.A small business sells 11 cupcakes at ₹35 each. What is its revenue (in ₹)?
13. 13.📜 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
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) run by directors
16. 16.A small business sells 12 friendship bands at ₹35 each. Its costs are ₹100. What is its profit (in ₹)?
17. 17.A small business selling friendship bands had a revenue of ₹1180 and a profit of ₹680. What were its costs (in ₹)?
18. 18.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
20. 20.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
22. 22.A small business sells 52 paper bookmarks at ₹30 each. Its costs are ₹500. What is its profit (in ₹)?
23. 23.A small business sells 28 handmade cards at ₹50 each. What is its revenue (in ₹)?
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
25. 25.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
26. 26.A small business sells 48 fruit cups at ₹20 each. What is its revenue (in ₹)?
27. 27.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) owner keeps all profit
28. 28.A small business selling cups of lemonade had a revenue of ₹220 and a profit of ₹30. What were its costs (in ₹)?
29. 29.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
30. 30.True or false: “simplest to start” is true of a company. (a) False (b) True
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
32. 32.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
33. 33.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
34. 34.A small business sells 18 paper bookmarks at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
35. 35.A small business sells 23 painted pebbles at ₹30 each. What is its revenue (in ₹)?
36. 36.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
37. 37.True or false: “owned by shareholders” is true of a company. (a) False (b) True
38. 38.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
40. 40.A small business sells 32 potted plants at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?

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