Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 464 · 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) True (b) False
2. 2.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
3. 3.A small business selling cups of lemonade had a revenue of ₹2160 and a profit of ₹1850. What were its costs (in ₹)?
4. 4.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) simplest to start (d) owner owes the debts
5. 5.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
6. 6.A small business sells 28 cups of lemonade at ₹50 each. Its costs are ₹560. What is its profit (in ₹)?
7. 7.A small business sells 35 paper bookmarks at ₹25 each. Its costs are ₹860. What is its profit (in ₹)?
8. 8.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
9. 9.A small business selling bags of popcorn had a revenue of ₹615 and a profit of ₹95. What were its costs (in ₹)?
10. 10.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owned by shareholders (d) simplest to start
11. 11.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
12. 12.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) run by directors (d) owners’ risk is limited
13. 13.A small business selling bags of popcorn had a revenue of ₹425 and a profit of ₹105. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
16. 16.A small business sells 48 jute bags at ₹5 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
18. 18.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
19. 19.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
20. 20.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
21. 21.True or false: “owned by shareholders” is true of a company. (a) True (b) False
22. 22.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
24. 24.A small business sells 13 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
25. 25.A small business sells 60 clay diyas at ₹35 each. Its costs are ₹420. What is its profit (in ₹)?
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
27. 27.A small business selling clay diyas had a revenue of ₹1575 and a profit of ₹475. What were its costs (in ₹)?
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) simplest to start (d) owned by shareholders
29. 29.A small business selling friendship bands had a revenue of ₹440 and a profit of ₹160. What were its costs (in ₹)?
30. 30.A small business sells 31 cupcakes at ₹40 each. What is its revenue (in ₹)?
31. 31.A small business sells 57 painted pebbles at ₹30 each. Its costs are ₹20. What is its profit (in ₹)?
32. 32.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
33. 33.A small business sells 24 glasses of chai at ₹15 each. Its costs are ₹340. What is its profit (in ₹)?
34. 34.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
35. 35.A small business sells 47 painted pebbles at ₹20 each. Its costs are ₹40. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
37. 37.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
38. 38.A small business selling paper bookmarks had a revenue of ₹200 and a profit of ₹150. What were its costs (in ₹)?
39. 39.A small business sells 29 bags of popcorn at ₹15 each. Its costs are ₹320. What is its profit (in ₹)?
40. 40.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True

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