Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 335 · 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: owned by shareholders? (a) a sole trader (b) a company
2. 2.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
3. 3.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
4. 4.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) run by directors
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.A small business selling fruit cups had a revenue of ₹850 and a profit of ₹290. What were its costs (in ₹)?
7. 7.A small business sells 50 potted plants at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
8. 8.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) a separate legal body (d) one owner runs it
9. 9.True or false: “run by directors” is true of a sole trader. (a) False (b) True
10. 10.A small business selling cups of lemonade had a revenue of ₹125 and a profit of ₹85. What were its costs (in ₹)?
11. 11.A small business sells 11 friendship bands at ₹45 each. Its costs are ₹240. What is its profit (in ₹)?
12. 12.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
14. 14.A small business selling fruit cups had a revenue of ₹660 and a profit of ₹580. What were its costs (in ₹)?
15. 15.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
17. 17.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
18. 18.A small business sells 39 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
20. 20.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
21. 21.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
22. 22.True or false: “a separate legal body” is true of a company. (a) False (b) True
23. 23.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
24. 24.True or false: “simplest to start” is true of a company. (a) False (b) True
25. 25.A small business sells 42 potted plants at ₹25 each. What is its revenue (in ₹)?
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
27. 27.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
28. 28.True or false: “one owner runs it” is true of a company. (a) False (b) True
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner keeps all profit
30. 30.A small business sells 22 cupcakes at ₹40 each. Its costs are ₹180. What is its profit (in ₹)?
31. 31.A small business selling cups of lemonade had a revenue of ₹1360 and a profit of ₹770. What were its costs (in ₹)?
32. 32.A small business sells 33 friendship bands at ₹45 each. What is its revenue (in ₹)?
33. 33.A small business sells 22 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
34. 34.A small business sells 19 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
36. 36.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
37. 37.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) run by directors (d) a separate legal body
38. 38.A small business selling paper bookmarks had a revenue of ₹2475 and a profit of ₹985. What were its costs (in ₹)?
39. 39.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
40. 40.A small business sells 60 bags of popcorn at ₹25 each. Its costs are ₹20. What is its profit (in ₹)?

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