Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 198 · 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: owner keeps all profit? (a) a sole trader (b) a company
2. 2.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
3. 3.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
4. 4.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
5. 5.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
6. 6.True or false: “run by directors” is true of a company. (a) False (b) True
7. 7.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
8. 8.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
9. 9.A small business selling cupcakes had a revenue of ₹165 and a profit of ₹135. What were its costs (in ₹)?
10. 10.A small business selling glasses of chai had a revenue of ₹235 and a profit of ₹75. What were its costs (in ₹)?
11. 11.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner owes the debts (d) one owner runs it
12. 12.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
13. 13.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
14. 14.A small business sells 43 jute bags at ₹25 each. Its costs are ₹800. What is its profit (in ₹)?
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) owner owes the debts
18. 18.A small business sells 59 fruit cups at ₹45 each. Its costs are ₹1130. What is its profit (in ₹)?
19. 19.A small business sells 53 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
20. 20.A small business selling glasses of chai had a revenue of ₹1650 and a profit of ₹840. What were its costs (in ₹)?
21. 21.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
22. 22.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
23. 23.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
24. 24.A small business selling friendship bands had a revenue of ₹560 and a profit of ₹110. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) simplest to start
27. 27.Which of these is true of a company? (a) simplest to start (b) run by directors (c) one owner runs it (d) owner owes the debts
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
29. 29.A small business selling glasses of chai had a revenue of ₹2475 and a profit of ₹2085. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
31. 31.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
32. 32.A small business sells 28 glasses of chai at ₹5 each. What is its revenue (in ₹)?
33. 33.A small business sells 10 potted plants at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
34. 34.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
35. 35.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
36. 36.A small business sells 12 cupcakes at ₹40 each. Its costs are ₹10. What is its profit (in ₹)?
37. 37.A small business sells 58 jute bags at ₹35 each. What is its revenue (in ₹)?
38. 38.True or false: “one owner runs it” is true of a company. (a) True (b) False
39. 39.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
40. 40.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False

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