Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 358 · 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.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
2. 2.A small business selling paper bookmarks had a revenue of ₹660 and a profit of ₹10. What were its costs (in ₹)?
3. 3.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) run by directors
4. 4.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
5. 5.A small business sells 31 potted plants at ₹20 each. What is its revenue (in ₹)?
6. 6.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
7. 7.A small business sells 35 friendship bands at ₹10 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
9. 9.True or false: “one owner runs it” is true of a company. (a) False (b) True
10. 10.True or false: “owned by shareholders” is true of a company. (a) False (b) True
11. 11.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) one owner runs it
13. 13.A small business sells 21 glasses of chai at ₹45 each. What is its revenue (in ₹)?
14. 14.True or false: “run by directors” is true of a company. (a) False (b) True
15. 15.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
16. 16.A small business sells 18 cupcakes at ₹50 each. Its costs are ₹750. What is its profit (in ₹)?
17. 17.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
18. 18.A small business sells 54 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) run by directors (d) owned by shareholders
20. 20.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
22. 22.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
23. 23.True or false: “run by directors” is true of a sole trader. (a) True (b) False
24. 24.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
25. 25.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
26. 26.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
27. 27.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
28. 28.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
29. 29.A small business selling cups of lemonade had a revenue of ₹2030 and a profit of ₹1980. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
31. 31.A small business sells 16 handmade cards at ₹5 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
33. 33.A small business sells 55 handmade cards at ₹15 each. Its costs are ₹710. What is its profit (in ₹)?
34. 34.A small business sells 47 friendship bands at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
35. 35.A small business sells 60 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
38. 38.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
39. 39.A small business sells 32 glasses of chai at ₹15 each. Its costs are ₹340. What is its profit (in ₹)?
40. 40.A small business selling glasses of chai had a revenue of ₹1080 and a profit of ₹550. What were its costs (in ₹)?

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