Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 604 · 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 sole trader. (a) False (b) True
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
4. 4.A small business sells 32 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
7. 7.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
8. 8.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
9. 9.A small business sells 40 jute bags at ₹30 each. Its costs are ₹770. What is its profit (in ₹)?
10. 10.True or false: “owner owes the debts” is true of a company. (a) False (b) True
11. 11.A small business sells 56 clay diyas at ₹20 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
13. 13.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner keeps all profit
14. 14.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
15. 15.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
16. 16.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
17. 17.True or false: “run by directors” is true of a sole trader. (a) True (b) False
18. 18.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) run by directors
19. 19.A small business sells 47 potted plants at ₹40 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owners’ risk is limited (d) run by directors
21. 21.True or false: “a separate legal body” is true of a company. (a) True (b) False
22. 22.A small business sells 34 paper bookmarks at ₹30 each. Its costs are ₹230. What is its profit (in ₹)?
23. 23.A small business selling painted pebbles had a revenue of ₹185 and a profit of ₹155. What were its costs (in ₹)?
24. 24.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) one owner runs it (d) simplest to start
25. 25.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
26. 26.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) nobody (d) a random video
27. 27.A small business selling fruit cups had a revenue of ₹1995 and a profit of ₹1435. What were its costs (in ₹)?
28. 28.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
29. 29.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
30. 30.A small business sells 21 cupcakes at ₹35 each. Its costs are ₹620. What is its profit (in ₹)?
31. 31.A small business selling friendship bands had a revenue of ₹925 and a profit of ₹705. What were its costs (in ₹)?
32. 32.A small business sells 15 fruit cups at ₹25 each. Its costs are ₹230. What is its profit (in ₹)?
33. 33.True or false: “run by directors” is true of a company. (a) True (b) False
34. 34.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 19 clay diyas at ₹45 each. Its costs are ₹420. What is its profit (in ₹)?
36. 36.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
37. 37.A small business sells 19 glasses of chai at ₹35 each. What is its revenue (in ₹)?
38. 38.A small business sells 38 jute bags at ₹15 each. Its costs are ₹70. What is its profit (in ₹)?
39. 39.A small business selling jute bags had a revenue of ₹795 and a profit of ₹305. What were its costs (in ₹)?
40. 40.📊 Revenue or profit: all money from sales? (a) revenue (b) profit

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