Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 476 · 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 minus costs equals… (a) stock (b) price (c) revenue (d) profit
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
3. 3.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
4. 4.A small business sells 12 friendship bands at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
6. 6.True or false: “run by directors” is true of a company. (a) False (b) True
7. 7.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
9. 9.A small business sells 19 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
10. 10.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
11. 11.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
12. 12.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
14. 14.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.True or false: “one owner runs it” is true of a company. (a) True (b) False
18. 18.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
20. 20.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
21. 21.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
22. 22.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
23. 23.A small business sells 13 jute bags at ₹50 each. What is its revenue (in ₹)?
24. 24.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
25. 25.A small business sells 53 potted plants at ₹10 each. What is its revenue (in ₹)?
26. 26.A small business selling painted pebbles had a revenue of ₹660 and a profit of ₹40. What were its costs (in ₹)?
27. 27.A small business selling cups of lemonade had a revenue of ₹200 and a profit of ₹20. What were its costs (in ₹)?
28. 28.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
29. 29.True or false: “run by directors” is true of a sole trader. (a) False (b) True
30. 30.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
31. 31.A small business sells 51 potted plants at ₹35 each. Its costs are ₹510. What is its profit (in ₹)?
32. 32.A small business sells 27 glasses of chai at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
33. 33.A small business sells 32 handmade cards at ₹50 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
35. 35.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
36. 36.A small business sells 36 glasses of chai at ₹15 each. Its costs are ₹510. What is its profit (in ₹)?
37. 37.A small business selling painted pebbles had a revenue of ₹1230 and a profit of ₹790. What were its costs (in ₹)?
38. 38.A small business sells 16 paper bookmarks at ₹35 each. Its costs are ₹130. What is its profit (in ₹)?
39. 39.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
40. 40.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue

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