Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 266 · 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: owner owes the debts? (a) a sole trader (b) a company
2. 2.A small business sells 47 fruit cups at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
3. 3.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) owner keeps all profit (d) simplest to start
4. 4.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
5. 5.A small business sells 40 fruit cups at ₹10 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) a separate legal body
7. 7.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
8. 8.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
9. 9.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
10. 10.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
12. 12.True or false: “a separate legal body” is true of a company. (a) False (b) True
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.📜 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
15. 15.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
16. 16.A small business sells 39 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
18. 18.True or false: “owned by shareholders” is true of a company. (a) True (b) False
19. 19.A small business selling bags of popcorn had a revenue of ₹520 and a profit of ₹120. What were its costs (in ₹)?
20. 20.A small business sells 41 jute bags at ₹10 each. What is its revenue (in ₹)?
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
22. 22.A small business sells 40 friendship bands at ₹20 each. What is its revenue (in ₹)?
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.A small business selling jute bags had a revenue of ₹285 and a profit of ₹15. What were its costs (in ₹)?
25. 25.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
26. 26.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
27. 27.A small business selling paper bookmarks had a revenue of ₹240 and a profit of ₹70. What were its costs (in ₹)?
28. 28.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) simplest to start
29. 29.A small business selling friendship bands had a revenue of ₹1500 and a profit of ₹330. What were its costs (in ₹)?
30. 30.A small business selling bags of popcorn had a revenue of ₹1925 and a profit of ₹415. What were its costs (in ₹)?
31. 31.A small business sells 33 paper bookmarks at ₹20 each. Its costs are ₹160. What is its profit (in ₹)?
32. 32.A small business sells 19 friendship bands at ₹5 each. What is its revenue (in ₹)?
33. 33.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
34. 34.A small business sells 52 paper bookmarks at ₹25 each. Its costs are ₹540. What is its profit (in ₹)?
35. 35.A small business sells 26 paper bookmarks at ₹20 each. Its costs are ₹130. What is its profit (in ₹)?
36. 36.A small business sells 12 glasses of chai at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
37. 37.A small business selling paper bookmarks had a revenue of ₹100 and a profit of ₹30. What were its costs (in ₹)?
38. 38.A small business selling fruit cups had a revenue of ₹600 and a profit of ₹450. What were its costs (in ₹)?
39. 39.A small business sells 28 painted pebbles at ₹20 each. Its costs are ₹430. What is its profit (in ₹)?
40. 40.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False

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