Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 46 · 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.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) owned by shareholders (d) a separate legal body
3. 3.A small business sells 24 glasses of chai at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
4. 4.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
5. 5.A small business selling bags of popcorn had a revenue of ₹1610 and a profit of ₹1600. What were its costs (in ₹)?
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) one owner runs it
7. 7.A small business selling handmade cards had a revenue of ₹275 and a profit of ₹75. What were its costs (in ₹)?
8. 8.A small business sells 23 painted pebbles at ₹30 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
10. 10.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
11. 11.A small business sells 17 cups of lemonade at ₹45 each. Its costs are ₹450. What is its profit (in ₹)?
12. 12.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
13. 13.A small business sells 20 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
14. 14.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
16. 16.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
17. 17.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
18. 18.A small business sells 14 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
19. 19.A small business sells 60 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
20. 20.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
22. 22.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
23. 23.A small business sells 38 handmade cards at ₹50 each. Its costs are ₹670. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
25. 25.A small business selling friendship bands had a revenue of ₹1320 and a profit of ₹1090. What were its costs (in ₹)?
26. 26.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
27. 27.A small business selling cups of lemonade had a revenue of ₹850 and a profit of ₹830. What were its costs (in ₹)?
28. 28.True or false: “simplest to start” is true of a company. (a) True (b) False
29. 29.A small business sells 12 friendship bands at ₹5 each. What is its revenue (in ₹)?
30. 30.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
31. 31.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
32. 32.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
33. 33.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
34. 34.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) run by directors
35. 35.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
36. 36.A small business sells 52 friendship bands at ₹40 each. What is its revenue (in ₹)?
37. 37.True or false: “run by directors” is true of a company. (a) True (b) False
38. 38.True or false: “owned by shareholders” is true of a company. (a) False (b) True
39. 39.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 57 bags of popcorn at ₹20 each. What is its revenue (in ₹)?

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