Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 466 · 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.📜 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
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
4. 4.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
5. 5.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
7. 7.A small business sells 35 handmade cards at ₹20 each. Its costs are ₹450. What is its profit (in ₹)?
8. 8.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
9. 9.True or false: “owner owes the debts” is true of a company. (a) False (b) True
10. 10.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner keeps all profit (d) a separate legal body
11. 11.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
12. 12.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
13. 13.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
16. 16.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
17. 17.A small business sells 24 bags of popcorn at ₹20 each. Its costs are ₹360. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
20. 20.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner keeps all profit (d) simplest to start
21. 21.A small business sells 55 handmade cards at ₹35 each. What is its revenue (in ₹)?
22. 22.A small business sells 27 clay diyas at ₹10 each. Its costs are ₹230. What is its profit (in ₹)?
23. 23.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
24. 24.True or false: “a separate legal body” is true of a company. (a) True (b) False
25. 25.True or false: “run by directors” is true of a company. (a) True (b) False
26. 26.A small business selling bags of popcorn had a revenue of ₹1400 and a profit of ₹1080. What were its costs (in ₹)?
27. 27.A small business sells 39 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
28. 28.True or false: “one owner runs it” is true of a company. (a) False (b) True
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) a separate legal body
30. 30.True or false: “owned by shareholders” is true of a company. (a) False (b) True
31. 31.A small business sells 11 friendship bands at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
32. 32.A small business sells 11 glasses of chai at ₹5 each. What is its revenue (in ₹)?
33. 33.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
34. 34.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) owner keeps all profit
35. 35.A small business sells 12 fruit cups at ₹10 each. What is its revenue (in ₹)?
36. 36.A small business selling potted plants had a revenue of ₹600 and a profit of ₹460. What were its costs (in ₹)?
37. 37.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
38. 38.A small business selling friendship bands had a revenue of ₹300 and a profit of ₹150. What were its costs (in ₹)?
39. 39.A small business sells 45 handmade cards at ₹5 each. Its costs are ₹160. What is its profit (in ₹)?
40. 40.A small business sells 16 handmade cards at ₹25 each. What is its revenue (in ₹)?

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