Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 409 · 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: “run by directors” is true of a company. (a) False (b) True
2. 2.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
3. 3.True or false: “one owner runs it” is true of a company. (a) False (b) True
4. 4.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
5. 5.A small business sells 13 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
6. 6.A small business sells 19 friendship bands at ₹10 each. What is its revenue (in ₹)?
7. 7.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
8. 8.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) run by directors
10. 10.True or false: “owner owes the debts” is true of a company. (a) True (b) False
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
12. 12.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
14. 14.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
15. 15.A small business sells 26 cupcakes at ₹45 each. What is its revenue (in ₹)?
16. 16.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.A small business sells 10 jute bags at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
19. 19.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
20. 20.True or false: “run by directors” is true of a sole trader. (a) True (b) False
21. 21.A small business selling clay diyas had a revenue of ₹450 and a profit of ₹120. What were its costs (in ₹)?
22. 22.True or false: “simplest to start” is true of a company. (a) True (b) False
23. 23.A small business sells 28 handmade cards at ₹30 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner keeps all profit
25. 25.A small business sells 34 jute bags at ₹45 each. What is its revenue (in ₹)?
26. 26.A small business sells 46 clay diyas at ₹20 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
28. 28.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
29. 29.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
30. 30.A small business sells 34 cupcakes at ₹35 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owned by shareholders (d) simplest to start
32. 32.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
33. 33.A small business selling fruit cups had a revenue of ₹705 and a profit of ₹545. What were its costs (in ₹)?
34. 34.A small business sells 54 painted pebbles at ₹15 each. Its costs are ₹170. What is its profit (in ₹)?
35. 35.📜 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
36. 36.A small business sells 20 cups of lemonade at ₹50 each. Its costs are ₹20. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
38. 38.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
39. 39.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
40. 40.True or false: “owned by shareholders” is true of a company. (a) True (b) False

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