Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 508 · 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: owned by shareholders? (a) a sole trader (b) a company
2. 2.A small business sells 22 glasses of chai at ₹25 each. What is its revenue (in ₹)?
3. 3.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
4. 4.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
5. 5.A small business sells 15 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
6. 6.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
7. 7.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
8. 8.A small business sells 26 glasses of chai at ₹15 each. What is its revenue (in ₹)?
9. 9.True or false: “run by directors” is true of a company. (a) True (b) False
10. 10.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner keeps all profit
11. 11.True or false: “owner owes the debts” is true of a company. (a) True (b) False
12. 12.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
13. 13.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
14. 14.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
15. 15.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) simplest to start
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
19. 19.A small business selling cups of lemonade had a revenue of ₹1180 and a profit of ₹1030. What were its costs (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: one owner runs it? (a) a sole trader (b) a company
22. 22.A small business sells 15 painted pebbles at ₹50 each. What is its revenue (in ₹)?
23. 23.True or false: “one owner runs it” is true of a company. (a) True (b) False
24. 24.A small business sells 12 potted plants at ₹30 each. Its costs are ₹220. What is its profit (in ₹)?
25. 25.A small business sells 31 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
26. 26.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
27. 27.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
28. 28.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
31. 31.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
32. 32.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
33. 33.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
34. 34.A small business sells 16 bags of popcorn at ₹40 each. Its costs are ₹30. What is its profit (in ₹)?
35. 35.A small business sells 28 fruit cups at ₹40 each. What is its revenue (in ₹)?
36. 36.A small business sells 38 fruit cups at ₹15 each. Its costs are ₹280. What is its profit (in ₹)?
37. 37.A small business selling friendship bands had a revenue of ₹550 and a profit of ₹180. What were its costs (in ₹)?
38. 38.A small business sells 18 glasses of chai at ₹45 each. What is its revenue (in ₹)?
39. 39.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
40. 40.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit

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