Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 591 · 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: “a separate legal body” is true of a company. (a) False (b) True
2. 2.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
3. 3.A small business sells 56 fruit cups at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) a separate legal body
5. 5.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
6. 6.A small business sells 42 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
7. 7.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
8. 8.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) one owner runs it
10. 10.A small business sells 38 paper bookmarks at ₹30 each. Its costs are ₹330. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
12. 12.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
13. 13.A small business sells 38 handmade cards at ₹40 each. What is its revenue (in ₹)?
14. 14.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
15. 15.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
17. 17.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
18. 18.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) simplest to start
19. 19.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) owners’ risk is limited
20. 20.A small business sells 37 clay diyas at ₹50 each. What is its revenue (in ₹)?
21. 21.A small business selling glasses of chai had a revenue of ₹765 and a profit of ₹395. What were its costs (in ₹)?
22. 22.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
25. 25.A small business selling glasses of chai had a revenue of ₹2700 and a profit of ₹2120. What were its costs (in ₹)?
26. 26.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
27. 27.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
29. 29.A small business sells 58 fruit cups at ₹5 each. Its costs are ₹190. What is its profit (in ₹)?
30. 30.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
31. 31.A small business sells 18 bags of popcorn at ₹40 each. Its costs are ₹30. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
33. 33.A small business selling painted pebbles had a revenue of ₹430 and a profit of ₹20. What were its costs (in ₹)?
34. 34.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
35. 35.A small business selling glasses of chai had a revenue of ₹2030 and a profit of ₹140. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
37. 37.A small business sells 55 cups of lemonade at ₹10 each. Its costs are ₹530. What is its profit (in ₹)?
38. 38.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
39. 39.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
40. 40.A small business sells 42 handmade cards at ₹5 each. Its costs are ₹90. What is its profit (in ₹)?

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