Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 211 · 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.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
2. 2.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
3. 3.A small business sells 60 painted pebbles at ₹15 each. What is its revenue (in ₹)?
4. 4.A small business selling clay diyas had a revenue of ₹1700 and a profit of ₹820. What were its costs (in ₹)?
5. 5.A small business sells 13 potted plants at ₹15 each. What is its revenue (in ₹)?
6. 6.A small business selling painted pebbles had a revenue of ₹800 and a profit of ₹620. What were its costs (in ₹)?
7. 7.A small business sells 58 paper bookmarks at ₹15 each. Its costs are ₹750. What is its profit (in ₹)?
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
9. 9.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
10. 10.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
12. 12.A small business sells 24 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
13. 13.True or false: “owned by shareholders” is true of a company. (a) False (b) True
14. 14.A small business sells 34 cups of lemonade at ₹15 each. Its costs are ₹350. What is its profit (in ₹)?
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) simplest to start
16. 16.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
17. 17.A small business sells 48 fruit cups at ₹15 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) simplest to start
20. 20.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
21. 21.True or false: “run by directors” is true of a sole trader. (a) False (b) True
22. 22.A small business sells 15 glasses of chai at ₹15 each. What is its revenue (in ₹)?
23. 23.A small business selling paper bookmarks had a revenue of ₹260 and a profit of ₹240. What were its costs (in ₹)?
24. 24.A small business sells 36 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
26. 26.A small business sells 58 clay diyas at ₹5 each. What is its revenue (in ₹)?
27. 27.True or false: “owner owes the debts” is true of a company. (a) False (b) True
28. 28.A small business selling friendship bands had a revenue of ₹560 and a profit of ₹310. What were its costs (in ₹)?
29. 29.A small business sells 53 clay diyas at ₹45 each. What is its revenue (in ₹)?
30. 30.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
31. 31.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
32. 32.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
33. 33.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
34. 34.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
35. 35.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
36. 36.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) run by directors (d) owned by shareholders
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
38. 38.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
39. 39.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) owner keeps all profit
40. 40.A small business sells 37 bags of popcorn at ₹10 each. What is its revenue (in ₹)?

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