Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 6 · 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) simplest to start (b) a separate legal body (c) owners’ risk is limited (d) run by directors
2. 2.A small business selling clay diyas had a revenue of ₹80 and a profit of ₹20. What were its costs (in ₹)?
3. 3.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
4. 4.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
5. 5.True or false: “owner owes the debts” is true of a company. (a) False (b) True
6. 6.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
7. 7.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) simplest to start
8. 8.A small business sells 50 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
9. 9.A small business sells 15 painted pebbles at ₹20 each. What is its revenue (in ₹)?
10. 10.True or false: “one owner runs it” is true of a company. (a) False (b) True
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) owners’ risk is limited
12. 12.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
13. 13.A small business sells 38 potted plants at ₹20 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
15. 15.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
16. 16.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
17. 17.A small business selling fruit cups had a revenue of ₹510 and a profit of ₹50. What were its costs (in ₹)?
18. 18.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
19. 19.A small business sells 17 fruit cups at ₹35 each. Its costs are ₹150. What is its profit (in ₹)?
20. 20.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
21. 21.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
22. 22.A small business selling potted plants had a revenue of ₹2295 and a profit of ₹235. What were its costs (in ₹)?
23. 23.A small business sells 45 clay diyas at ₹50 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) one owner runs it (d) owner keeps all profit
25. 25.A small business selling fruit cups had a revenue of ₹690 and a profit of ₹390. What were its costs (in ₹)?
26. 26.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
27. 27.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
28. 28.A small business sells 12 fruit cups at ₹15 each. What is its revenue (in ₹)?
29. 29.A small business sells 23 handmade cards at ₹30 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) a separate legal body
32. 32.A small business sells 36 paper bookmarks at ₹15 each. Its costs are ₹500. What is its profit (in ₹)?
33. 33.A small business sells 11 fruit cups at ₹10 each. What is its revenue (in ₹)?
34. 34.True or false: “a separate legal body” is true of a company. (a) False (b) True
35. 35.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner keeps all profit (d) run by directors
36. 36.True or false: “run by directors” is true of a sole trader. (a) True (b) False
37. 37.True or false: “simplest to start” is true of a company. (a) True (b) False
38. 38.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
39. 39.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
40. 40.A small business selling painted pebbles had a revenue of ₹480 and a profit of ₹410. What were its costs (in ₹)?

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