Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 210 · 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) run by directors (b) a separate legal body (c) simplest to start (d) owned by shareholders
2. 2.A small business selling cups of lemonade had a revenue of ₹90 and a profit of ₹10. What were its costs (in ₹)?
3. 3.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
4. 4.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
5. 5.A small business sells 46 handmade cards at ₹35 each. Its costs are ₹420. What is its profit (in ₹)?
6. 6.A small business selling handmade cards had a revenue of ₹465 and a profit of ₹375. What were its costs (in ₹)?
7. 7.A small business sells 25 clay diyas at ₹10 each. What is its revenue (in ₹)?
8. 8.A small business sells 57 jute bags at ₹10 each. What is its revenue (in ₹)?
9. 9.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
10. 10.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
11. 11.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
12. 12.True or false: “run by directors” is true of a sole trader. (a) False (b) True
13. 13.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
17. 17.A small business sells 35 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) run by directors
20. 20.A small business sells 21 handmade cards at ₹25 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
22. 22.A small business sells 21 cupcakes at ₹40 each. Its costs are ₹70. What is its profit (in ₹)?
23. 23.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
24. 24.True or false: “owned by shareholders” is true of a company. (a) False (b) True
25. 25.A small business sells 37 potted plants at ₹10 each. Its costs are ₹260. What is its profit (in ₹)?
26. 26.A small business sells 32 cupcakes at ₹20 each. Its costs are ₹600. What is its profit (in ₹)?
27. 27.A small business selling painted pebbles had a revenue of ₹870 and a profit of ₹180. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
29. 29.A small business selling cupcakes had a revenue of ₹110 and a profit of ₹60. What were its costs (in ₹)?
30. 30.True or false: “a separate legal body” is true of a company. (a) True (b) False
31. 31.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
32. 32.A small business sells 49 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
33. 33.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
34. 34.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
35. 35.A small business selling friendship bands had a revenue of ₹500 and a profit of ₹390. What were its costs (in ₹)?
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) simplest to start (d) owner owes the debts
37. 37.A small business sells 27 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
38. 38.A small business sells 14 clay diyas at ₹10 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
40. 40.True or false: “simplest to start” is true of a company. (a) True (b) False

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