Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 340 · 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.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
2. 2.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner owes the debts
3. 3.A small business sells 47 paper bookmarks at ₹40 each. Its costs are ₹1790. What is its profit (in ₹)?
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
6. 6.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
8. 8.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
9. 9.A small business sells 51 jute bags at ₹45 each. Its costs are ₹1090. What is its profit (in ₹)?
10. 10.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
11. 11.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
12. 12.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) run by directors
13. 13.A small business sells 15 cupcakes at ₹25 each. Its costs are ₹40. What is its profit (in ₹)?
14. 14.A small business sells 59 paper bookmarks at ₹20 each. Its costs are ₹350. What is its profit (in ₹)?
15. 15.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
16. 16.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
17. 17.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
18. 18.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
19. 19.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
20. 20.A small business sells 28 fruit cups at ₹40 each. Its costs are ₹270. What is its profit (in ₹)?
21. 21.A small business sells 46 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
23. 23.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
24. 24.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
25. 25.A small business selling paper bookmarks had a revenue of ₹2850 and a profit of ₹1480. What were its costs (in ₹)?
26. 26.True or false: “owned by shareholders” is true of a company. (a) True (b) False
27. 27.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
28. 28.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) simplest to start (d) owned by shareholders
30. 30.A small business sells 31 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
31. 31.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
32. 32.A small business selling fruit cups had a revenue of ₹930 and a profit of ₹310. What were its costs (in ₹)?
33. 33.A small business sells 42 potted plants at ₹30 each. Its costs are ₹30. What is its profit (in ₹)?
34. 34.A small business selling jute bags had a revenue of ₹135 and a profit of ₹95. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
36. 36.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 32 painted pebbles at ₹5 each. What is its revenue (in ₹)?
38. 38.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
39. 39.A small business selling fruit cups had a revenue of ₹375 and a profit of ₹275. What were its costs (in ₹)?
40. 40.A small business sells 15 paper bookmarks at ₹50 each. Its costs are ₹190. What is its profit (in ₹)?

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