Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 546 · 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.A small business sells 34 bags of popcorn at ₹15 each. Its costs are ₹210. What is its profit (in ₹)?
2. 2.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
3. 3.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
4. 4.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
5. 5.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
6. 6.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) run by directors (d) a separate legal body
7. 7.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
8. 8.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
9. 9.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
10. 10.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
12. 12.True or false: “owned by shareholders” is true of a company. (a) True (b) False
13. 13.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) a separate legal body
14. 14.A small business sells 17 glasses of chai at ₹40 each. What is its revenue (in ₹)?
15. 15.A small business sells 16 glasses of chai at ₹35 each. What is its revenue (in ₹)?
16. 16.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
17. 17.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
18. 18.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
19. 19.A small business selling cups of lemonade had a revenue of ₹120 and a profit of ₹60. What were its costs (in ₹)?
20. 20.A small business sells 23 clay diyas at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
21. 21.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
22. 22.True or false: “one owner runs it” is true of a company. (a) False (b) True
23. 23.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
25. 25.A small business selling bags of popcorn had a revenue of ₹275 and a profit of ₹165. What were its costs (in ₹)?
26. 26.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
27. 27.A small business sells 28 painted pebbles at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
28. 28.A small business selling painted pebbles had a revenue of ₹480 and a profit of ₹260. What were its costs (in ₹)?
29. 29.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner owes the debts (d) run by directors
30. 30.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
31. 31.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
32. 32.A small business selling cupcakes had a revenue of ₹300 and a profit of ₹170. What were its costs (in ₹)?
33. 33.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
34. 34.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
35. 35.A small business selling bags of popcorn had a revenue of ₹1150 and a profit of ₹640. What were its costs (in ₹)?
36. 36.A small business sells 20 handmade cards at ₹40 each. Its costs are ₹430. What is its profit (in ₹)?
37. 37.A small business sells 26 fruit cups at ₹50 each. What is its revenue (in ₹)?
38. 38.A small business selling bags of popcorn had a revenue of ₹1075 and a profit of ₹1005. What were its costs (in ₹)?
39. 39.A small business sells 21 jute bags at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
40. 40.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner owes the debts (d) one owner runs it

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