Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 354 · 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.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
2. 2.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) owner owes the debts
4. 4.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
7. 7.True or false: “run by directors” is true of a sole trader. (a) False (b) True
8. 8.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
9. 9.A small business sells 40 glasses of chai at ₹20 each. Its costs are ₹270. What is its profit (in ₹)?
10. 10.A small business selling potted plants had a revenue of ₹285 and a profit of ₹125. What were its costs (in ₹)?
11. 11.A small business selling fruit cups had a revenue of ₹600 and a profit of ₹220. What were its costs (in ₹)?
12. 12.A small business selling cups of lemonade had a revenue of ₹115 and a profit of ₹105. What were its costs (in ₹)?
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
15. 15.A small business sells 60 potted plants at ₹50 each. What is its revenue (in ₹)?
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
17. 17.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
18. 18.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
19. 19.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
20. 20.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
21. 21.A small business sells 40 glasses of chai at ₹50 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
23. 23.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
24. 24.True or false: “owner owes the debts” is true of a company. (a) False (b) True
25. 25.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
26. 26.A small business selling glasses of chai had a revenue of ₹1150 and a profit of ₹20. What were its costs (in ₹)?
27. 27.A small business sells 18 painted pebbles at ₹20 each. Its costs are ₹30. What is its profit (in ₹)?
28. 28.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
29. 29.A small business sells 15 clay diyas at ₹35 each. What is its revenue (in ₹)?
30. 30.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
31. 31.True or false: “owned by shareholders” is true of a company. (a) False (b) True
32. 32.True or false: “a separate legal body” is true of a company. (a) True (b) False
33. 33.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) one owner runs it (d) owner keeps all profit
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
35. 35.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
36. 36.True or false: “run by directors” is true of a company. (a) True (b) False
37. 37.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
38. 38.A small business sells 23 glasses of chai at ₹5 each. What is its revenue (in ₹)?
39. 39.A small business sells 23 painted pebbles at ₹45 each. Its costs are ₹80. What is its profit (in ₹)?
40. 40.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False

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