Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 239 · 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 company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
2. 2.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
3. 3.A small business sells 56 cups of lemonade at ₹20 each. Its costs are ₹1060. What is its profit (in ₹)?
4. 4.A small business sells 43 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
5. 5.A small business sells 30 cups of lemonade at ₹45 each. Its costs are ₹740. What is its profit (in ₹)?
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
7. 7.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
8. 8.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
9. 9.True or false: “run by directors” is true of a company. (a) True (b) False
10. 10.True or false: “simplest to start” is true of a company. (a) True (b) False
11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
12. 12.A small business sells 17 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
13. 13.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) owners’ risk is limited
14. 14.A small business sells 36 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner keeps all profit (d) simplest to start
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
18. 18.A small business sells 53 paper bookmarks at ₹20 each. Its costs are ₹950. What is its profit (in ₹)?
19. 19.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
20. 20.A small business sells 53 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
21. 21.A small business sells 39 cupcakes at ₹20 each. Its costs are ₹420. What is its profit (in ₹)?
22. 22.A small business sells 10 jute bags at ₹25 each. What is its revenue (in ₹)?
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
25. 25.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) run by directors
26. 26.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
27. 27.True or false: “owned by shareholders” is true of a company. (a) False (b) True
28. 28.A small business selling friendship bands had a revenue of ₹1350 and a profit of ₹380. What were its costs (in ₹)?
29. 29.A small business sells 39 glasses of chai at ₹25 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
31. 31.A small business sells 20 clay diyas at ₹15 each. Its costs are ₹260. What is its profit (in ₹)?
32. 32.A small business sells 12 painted pebbles at ₹5 each. What is its revenue (in ₹)?
33. 33.A small business sells 36 clay diyas at ₹10 each. Its costs are ₹330. What is its profit (in ₹)?
34. 34.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner keeps all profit (d) run by directors
36. 36.True or false: “one owner runs it” is true of a company. (a) False (b) True
37. 37.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
38. 38.A small business sells 23 friendship bands at ₹40 each. What is its revenue (in ₹)?
39. 39.A small business selling fruit cups had a revenue of ₹235 and a profit of ₹75. What were its costs (in ₹)?
40. 40.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it

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