Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 322 · 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: “one owner runs it” is true of a company. (a) True (b) False
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
3. 3.True or false: “a separate legal body” is true of a company. (a) False (b) True
4. 4.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
5. 5.A small business selling jute bags had a revenue of ₹750 and a profit of ₹250. What were its costs (in ₹)?
6. 6.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) run by directors
7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) a separate legal body
9. 9.A small business selling jute bags had a revenue of ₹1040 and a profit of ₹270. What were its costs (in ₹)?
10. 10.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
11. 11.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
12. 12.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
13. 13.A small business selling cupcakes had a revenue of ₹470 and a profit of ₹450. What were its costs (in ₹)?
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
16. 16.A small business selling handmade cards had a revenue of ₹960 and a profit of ₹130. What were its costs (in ₹)?
17. 17.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
18. 18.A small business selling clay diyas had a revenue of ₹760 and a profit of ₹360. What were its costs (in ₹)?
19. 19.A small business sells 36 potted plants at ₹20 each. Its costs are ₹200. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
21. 21.True or false: “run by directors” is true of a sole trader. (a) True (b) False
22. 22.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
23. 23.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
24. 24.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
25. 25.A small business sells 52 cups of lemonade at ₹50 each. Its costs are ₹1410. What is its profit (in ₹)?
26. 26.A small business sells 58 glasses of chai at ₹15 each. What is its revenue (in ₹)?
27. 27.True or false: “simplest to start” is true of a company. (a) True (b) False
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) simplest to start
29. 29.A small business selling cupcakes had a revenue of ₹250 and a profit of ₹40. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
31. 31.A small business sells 54 glasses of chai at ₹20 each. Its costs are ₹220. What is its profit (in ₹)?
32. 32.A small business sells 50 handmade cards at ₹20 each. Its costs are ₹810. What is its profit (in ₹)?
33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
34. 34.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
35. 35.A small business sells 19 handmade cards at ₹40 each. What is its revenue (in ₹)?
36. 36.A small business sells 20 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
37. 37.A small business selling glasses of chai had a revenue of ₹185 and a profit of ₹95. What were its costs (in ₹)?
38. 38.A small business sells 30 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
40. 40.A small business sells 24 jute bags at ₹40 each. Its costs are ₹310. What is its profit (in ₹)?

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