Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 605 · 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: “owner keeps all profit” is true of a company. (a) False (b) True
2. 2.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) run by directors (d) owned by shareholders
4. 4.A small business sells 24 paper bookmarks at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
5. 5.A small business sells 54 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) owner keeps all profit
7. 7.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
10. 10.True or false: “run by directors” is true of a company. (a) True (b) False
11. 11.A small business sells 31 painted pebbles at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
12. 12.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
13. 13.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
14. 14.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
15. 15.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a big company (d) a school club
16. 16.A small business sells 45 fruit cups at ₹50 each. What is its revenue (in ₹)?
17. 17.A small business sells 16 glasses of chai at ₹25 each. Its costs are ₹360. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
19. 19.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
20. 20.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
21. 21.True or false: “a separate legal body” is true of a company. (a) False (b) True
22. 22.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
24. 24.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
25. 25.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
26. 26.A small business sells 52 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
28. 28.A small business sells 32 potted plants at ₹45 each. What is its revenue (in ₹)?
29. 29.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
30. 30.True or false: “one owner runs it” is true of a company. (a) False (b) True
31. 31.A small business selling jute bags had a revenue of ₹1960 and a profit of ₹520. What were its costs (in ₹)?
32. 32.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) simplest to start (d) owner keeps all profit
33. 33.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
34. 34.A small business sells 15 friendship bands at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
35. 35.A small business sells 42 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
36. 36.True or false: “owner owes the debts” is true of a company. (a) True (b) False
37. 37.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
38. 38.A small business selling fruit cups had a revenue of ₹855 and a profit of ₹415. What were its costs (in ₹)?
39. 39.A small business selling fruit cups had a revenue of ₹210 and a profit of ₹60. What were its costs (in ₹)?
40. 40.A small business selling cupcakes had a revenue of ₹570 and a profit of ₹450. What were its costs (in ₹)?

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