Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 251 · 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.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) run by directors
4. 4.A small business sells 28 jute bags at ₹40 each. Its costs are ₹250. What is its profit (in ₹)?
5. 5.True or false: “run by directors” is true of a sole trader. (a) True (b) False
6. 6.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
7. 7.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
8. 8.A small business sells 16 painted pebbles at ₹25 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) owners’ risk is limited
12. 12.True or false: “a separate legal body” is true of a company. (a) True (b) False
13. 13.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) simplest to start (d) owner owes the debts
14. 14.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
15. 15.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
16. 16.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
17. 17.A small business selling cups of lemonade had a revenue of ₹1120 and a profit of ₹360. What were its costs (in ₹)?
18. 18.A small business sells 55 glasses of chai at ₹15 each. Its costs are ₹410. What is its profit (in ₹)?
19. 19.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
20. 20.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
22. 22.A small business selling potted plants had a revenue of ₹795 and a profit of ₹45. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
24. 24.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
25. 25.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
26. 26.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
27. 27.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
28. 28.A small business sells 36 cups of lemonade at ₹25 each. Its costs are ₹190. What is its profit (in ₹)?
29. 29.A small business sells 40 clay diyas at ₹30 each. Its costs are ₹440. What is its profit (in ₹)?
30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
31. 31.A small business selling potted plants had a revenue of ₹925 and a profit of ₹35. What were its costs (in ₹)?
32. 32.A small business selling handmade cards had a revenue of ₹230 and a profit of ₹70. What were its costs (in ₹)?
33. 33.A small business sells 26 handmade cards at ₹20 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner owes the debts (d) owner keeps all profit
35. 35.A small business selling handmade cards had a revenue of ₹1360 and a profit of ₹1070. What were its costs (in ₹)?
36. 36.A small business sells 51 cupcakes at ₹15 each. What is its revenue (in ₹)?
37. 37.A small business selling handmade cards had a revenue of ₹840 and a profit of ₹440. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
39. 39.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
40. 40.A small business sells 34 potted plants at ₹10 each. Its costs are ₹200. What is its profit (in ₹)?

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