Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 391 · 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: “one owner runs it” is true of a company. (a) False (b) True
2. 2.A small business selling cups of lemonade had a revenue of ₹320 and a profit of ₹310. What were its costs (in ₹)?
3. 3.A small business selling cups of lemonade had a revenue of ₹1640 and a profit of ₹1160. What were its costs (in ₹)?
4. 4.📜 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
5. 5.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.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
8. 8.A small business selling painted pebbles had a revenue of ₹720 and a profit of ₹190. What were its costs (in ₹)?
9. 9.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) a separate legal body (d) owned by shareholders
10. 10.A small business sells 41 glasses of chai at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
11. 11.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner owes the debts (d) run by directors
13. 13.True or false: “a separate legal body” is true of a company. (a) False (b) True
14. 14.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) simplest to start (d) owned by shareholders
15. 15.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
16. 16.A small business sells 19 fruit cups at ₹35 each. What is its revenue (in ₹)?
17. 17.A small business selling paper bookmarks had a revenue of ₹75 and a profit of ₹55. What were its costs (in ₹)?
18. 18.A small business selling cups of lemonade had a revenue of ₹960 and a profit of ₹390. What were its costs (in ₹)?
19. 19.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
20. 20.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner keeps all profit (d) owned by shareholders
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
22. 22.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
23. 23.A small business sells 53 handmade cards at ₹30 each. What is its revenue (in ₹)?
24. 24.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
25. 25.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
26. 26.True or false: “run by directors” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 31 handmade cards at ₹5 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
29. 29.A small business sells 58 jute bags at ₹50 each. What is its revenue (in ₹)?
30. 30.A small business selling handmade cards had a revenue of ₹945 and a profit of ₹215. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
32. 32.True or false: “simplest to start” is true of a company. (a) True (b) False
33. 33.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
34. 34.A small business sells 44 jute bags at ₹20 each. What is its revenue (in ₹)?
35. 35.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
36. 36.A small business sells 43 cups of lemonade at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
37. 37.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) owner keeps all profit
38. 38.A small business selling bags of popcorn had a revenue of ₹540 and a profit of ₹90. What were its costs (in ₹)?
39. 39.A small business selling handmade cards had a revenue of ₹1080 and a profit of ₹110. What were its costs (in ₹)?
40. 40.True or false: “run by directors” is true of a company. (a) False (b) True

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