Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 422 · 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 or profit: all money from sales? (a) profit (b) revenue
2. 2.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
3. 3.A small business sells 57 fruit cups at ₹25 each. Its costs are ₹380. What is its profit (in ₹)?
4. 4.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it
5. 5.A small business selling paper bookmarks had a revenue of ₹270 and a profit of ₹170. What were its costs (in ₹)?
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.True or false: “owned by shareholders” is true of a company. (a) True (b) False
8. 8.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
9. 9.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
10. 10.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) run by directors
11. 11.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) owned by shareholders (d) run by directors
12. 12.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
13. 13.A small business sells 29 potted plants at ₹5 each. What is its revenue (in ₹)?
14. 14.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) one owner runs it
16. 16.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
17. 17.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
19. 19.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
20. 20.A small business selling painted pebbles had a revenue of ₹1080 and a profit of ₹1020. What were its costs (in ₹)?
21. 21.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) owner keeps all profit (d) one owner runs it
22. 22.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
23. 23.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
24. 24.A small business selling handmade cards had a revenue of ₹1770 and a profit of ₹1170. What were its costs (in ₹)?
25. 25.A small business sells 44 bags of popcorn at ₹25 each. Its costs are ₹110. What is its profit (in ₹)?
26. 26.True or false: “run by directors” is true of a sole trader. (a) False (b) True
27. 27.A small business sells 56 handmade cards at ₹50 each. Its costs are ₹980. What is its profit (in ₹)?
28. 28.A small business sells 56 handmade cards at ₹45 each. Its costs are ₹330. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
30. 30.A small business sells 40 painted pebbles at ₹5 each. What is its revenue (in ₹)?
31. 31.A small business sells 52 handmade cards at ₹10 each. What is its revenue (in ₹)?
32. 32.A small business sells 41 glasses of chai at ₹5 each. What is its revenue (in ₹)?
33. 33.True or false: “one owner runs it” is true of a company. (a) True (b) False
34. 34.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) run by directors
35. 35.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
36. 36.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 14 potted plants at ₹40 each. Its costs are ₹490. What is its profit (in ₹)?
38. 38.A small business sells 17 jute bags at ₹25 each. Its costs are ₹150. What is its profit (in ₹)?
39. 39.A small business selling paper bookmarks had a revenue of ₹450 and a profit of ₹100. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader

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