Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 512 · 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.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) one owner runs it (d) a separate legal body
2. 2.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
3. 3.A small business sells 38 cups of lemonade at ₹15 each. Its costs are ₹50. What is its profit (in ₹)?
4. 4.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) run by directors
6. 6.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
7. 7.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
8. 8.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
9. 9.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
10. 10.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
11. 11.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) run by directors
13. 13.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
14. 14.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
15. 15.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
16. 16.A small business sells 48 fruit cups at ₹35 each. What is its revenue (in ₹)?
17. 17.True or false: “simplest to start” is true of a company. (a) False (b) True
18. 18.A small business sells 24 cupcakes at ₹15 each. Its costs are ₹150. What is its profit (in ₹)?
19. 19.A small business sells 47 paper bookmarks at ₹30 each. Its costs are ₹1230. What is its profit (in ₹)?
20. 20.True or false: “run by directors” is true of a sole trader. (a) False (b) True
21. 21.A small business selling friendship bands had a revenue of ₹240 and a profit of ₹80. What were its costs (in ₹)?
22. 22.A small business sells 24 painted pebbles at ₹5 each. What is its revenue (in ₹)?
23. 23.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
24. 24.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) run by directors
25. 25.A small business sells 51 handmade cards at ₹5 each. Its costs are ₹130. What is its profit (in ₹)?
26. 26.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
27. 27.A small business sells 33 clay diyas at ₹30 each. Its costs are ₹110. What is its profit (in ₹)?
28. 28.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
29. 29.A small business sells 54 cupcakes at ₹20 each. What is its revenue (in ₹)?
30. 30.True or false: “owner owes the debts” is true of a company. (a) True (b) False
31. 31.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
32. 32.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
33. 33.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
34. 34.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
35. 35.A small business sells 24 friendship bands at ₹25 each. Its costs are ₹230. What is its profit (in ₹)?
36. 36.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
37. 37.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
39. 39.A small business sells 37 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
40. 40.A small business sells 59 glasses of chai at ₹45 each. What is its revenue (in ₹)?

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