Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 383 · 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: “owned by shareholders” is true of a sole trader. (a) False (b) True
2. 2.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
3. 3.A small business sells 28 fruit cups at ₹20 each. What is its revenue (in ₹)?
4. 4.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
5. 5.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
6. 6.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
7. 7.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
9. 9.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
10. 10.A small business sells 24 potted plants at ₹25 each. Its costs are ₹550. What is its profit (in ₹)?
11. 11.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) simplest to start (d) owner owes the debts
12. 12.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
13. 13.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
14. 14.A small business sells 33 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
16. 16.A small business sells 18 fruit cups at ₹20 each. What is its revenue (in ₹)?
17. 17.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
18. 18.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
19. 19.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) one owner runs it
20. 20.A small business sells 14 cupcakes at ₹45 each. Its costs are ₹50. What is its profit (in ₹)?
21. 21.A small business selling handmade cards had a revenue of ₹1750 and a profit of ₹220. What were its costs (in ₹)?
22. 22.A small business sells 60 jute bags at ₹20 each. What is its revenue (in ₹)?
23. 23.A small business sells 13 friendship bands at ₹50 each. Its costs are ₹70. What is its profit (in ₹)?
24. 24.A small business selling friendship bands had a revenue of ₹1560 and a profit of ₹600. What were its costs (in ₹)?
25. 25.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
26. 26.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
27. 27.A small business selling clay diyas had a revenue of ₹180 and a profit of ₹110. What were its costs (in ₹)?
28. 28.True or false: “run by directors” is true of a company. (a) True (b) False
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) owner owes the debts
30. 30.A small business sells 42 cupcakes at ₹45 each. What is its revenue (in ₹)?
31. 31.True or false: “owner owes the debts” is true of a company. (a) True (b) False
32. 32.A small business sells 45 fruit cups at ₹40 each. Its costs are ₹1220. What is its profit (in ₹)?
33. 33.A small business sells 24 fruit cups at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
34. 34.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
35. 35.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
36. 36.A small business sells 54 glasses of chai at ₹45 each. What is its revenue (in ₹)?
37. 37.True or false: “owned by shareholders” is true of a company. (a) False (b) True
38. 38.A small business sells 56 friendship bands at ₹15 each. What is its revenue (in ₹)?
39. 39.A small business sells 45 friendship bands at ₹40 each. What is its revenue (in ₹)?
40. 40.A small business sells 49 bags of popcorn at ₹30 each. What is its revenue (in ₹)?

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