Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 230 · 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.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
2. 2.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
3. 3.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
4. 4.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
5. 5.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
6. 6.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
7. 7.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
8. 8.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
9. 9.A small business sells 30 glasses of chai at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
10. 10.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
11. 11.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
12. 12.A small business sells 55 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
14. 14.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) one owner runs it
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owned by shareholders (d) owners’ risk is limited
16. 16.A small business sells 25 painted pebbles at ₹15 each. What is its revenue (in ₹)?
17. 17.A small business selling handmade cards had a revenue of ₹2250 and a profit of ₹920. What were its costs (in ₹)?
18. 18.A small business sells 31 painted pebbles at ₹30 each. Its costs are ₹620. What is its profit (in ₹)?
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
20. 20.A small business sells 58 jute bags at ₹45 each. Its costs are ₹1460. What is its profit (in ₹)?
21. 21.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
22. 22.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
23. 23.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
24. 24.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) run by directors
25. 25.A small business sells 47 cupcakes at ₹30 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
27. 27.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
29. 29.A small business selling bags of popcorn had a revenue of ₹300 and a profit of ₹210. What were its costs (in ₹)?
30. 30.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
31. 31.A small business sells 41 jute bags at ₹5 each. What is its revenue (in ₹)?
32. 32.A small business sells 29 jute bags at ₹50 each. Its costs are ₹400. What is its profit (in ₹)?
33. 33.A small business sells 33 jute bags at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
34. 34.A small business selling glasses of chai had a revenue of ₹1250 and a profit of ₹480. What were its costs (in ₹)?
35. 35.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
36. 36.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
37. 37.A small business sells 58 potted plants at ₹15 each. What is its revenue (in ₹)?
38. 38.True or false: “a separate legal body” is true of a company. (a) False (b) True
39. 39.A small business sells 15 handmade cards at ₹25 each. Its costs are ₹360. What is its profit (in ₹)?
40. 40.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers

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