Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 581 · 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.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
2. 2.A small business selling handmade cards had a revenue of ₹1500 and a profit of ₹1140. What were its costs (in ₹)?
3. 3.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
5. 5.True or false: “owned by shareholders” is true of a company. (a) False (b) True
6. 6.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
7. 7.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
8. 8.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
9. 9.A small business sells 53 paper bookmarks at ₹45 each. Its costs are ₹1080. What is its profit (in ₹)?
10. 10.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) a separate legal body
12. 12.A small business selling fruit cups had a revenue of ₹1505 and a profit of ₹945. What were its costs (in ₹)?
13. 13.A small business selling clay diyas had a revenue of ₹1680 and a profit of ₹1500. What were its costs (in ₹)?
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) a separate legal body
15. 15.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
16. 16.A small business sells 24 painted pebbles at ₹30 each. Its costs are ₹330. What is its profit (in ₹)?
17. 17.A small business sells 19 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
18. 18.A small business sells 10 friendship bands at ₹40 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
20. 20.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
21. 21.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
22. 22.A small business sells 30 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
23. 23.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
24. 24.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
25. 25.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
26. 26.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) owners’ risk is limited
27. 27.A small business selling cupcakes had a revenue of ₹255 and a profit of ₹165. What were its costs (in ₹)?
28. 28.A small business selling jute bags had a revenue of ₹720 and a profit of ₹190. What were its costs (in ₹)?
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) one owner runs it
30. 30.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
31. 31.True or false: “a separate legal body” is true of a company. (a) False (b) True
32. 32.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
33. 33.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
34. 34.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
35. 35.A small business sells 28 handmade cards at ₹20 each. Its costs are ₹180. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) one owner runs it
38. 38.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
39. 39.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
40. 40.A small business sells 15 handmade cards at ₹5 each. What is its revenue (in ₹)?

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