Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 202 · 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: a separate legal body? (a) a company (b) a sole trader
2. 2.A small business selling potted plants had a revenue of ₹1260 and a profit of ₹890. What were its costs (in ₹)?
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.A small business sells 34 handmade cards at ₹15 each. Its costs are ₹420. What is its profit (in ₹)?
5. 5.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
6. 6.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
7. 7.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) owner owes the debts
8. 8.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
9. 9.A small business sells 28 handmade cards at ₹15 each. What is its revenue (in ₹)?
10. 10.A small business sells 49 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
11. 11.A small business sells 22 fruit cups at ₹30 each. What is its revenue (in ₹)?
12. 12.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
13. 13.A small business sells 22 fruit cups at ₹25 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
15. 15.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
17. 17.A small business sells 53 friendship bands at ₹25 each. Its costs are ₹860. What is its profit (in ₹)?
18. 18.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
19. 19.A small business selling potted plants had a revenue of ₹420 and a profit of ₹360. What were its costs (in ₹)?
20. 20.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
21. 21.A small business selling jute bags had a revenue of ₹450 and a profit of ₹60. What were its costs (in ₹)?
22. 22.A small business sells 33 potted plants at ₹10 each. What is its revenue (in ₹)?
23. 23.A small business sells 38 jute bags at ₹35 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.A small business sells 53 friendship bands at ₹35 each. What is its revenue (in ₹)?
26. 26.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
27. 27.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
28. 28.A small business selling handmade cards had a revenue of ₹735 and a profit of ₹475. What were its costs (in ₹)?
29. 29.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
30. 30.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) one owner runs it (d) owner keeps all profit
31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
32. 32.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) a separate legal body (d) owners’ risk is limited
33. 33.A small business sells 13 friendship bands at ₹45 each. What is its revenue (in ₹)?
34. 34.A small business selling clay diyas had a revenue of ₹750 and a profit of ₹710. What were its costs (in ₹)?
35. 35.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
36. 36.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
38. 38.A small business selling cupcakes had a revenue of ₹750 and a profit of ₹700. What were its costs (in ₹)?
39. 39.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) simplest to start
40. 40.True or false: “simplest to start” is true of a company. (a) False (b) True

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