Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 629 · 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.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
2. 2.A small business selling bags of popcorn had a revenue of ₹1950 and a profit of ₹1220. What were its costs (in ₹)?
3. 3.True or false: “a separate legal body” is true of a company. (a) False (b) True
4. 4.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owners’ risk is limited (d) owned by shareholders
6. 6.A small business sells 31 fruit cups at ₹30 each. Its costs are ₹810. What is its profit (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.True or false: “one owner runs it” is true of a company. (a) True (b) False
10. 10.True or false: “simplest to start” is true of a company. (a) True (b) False
11. 11.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit
12. 12.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
13. 13.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
14. 14.A small business sells 34 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
16. 16.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) one owner runs it (d) owner owes the debts
17. 17.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
18. 18.A small business selling handmade cards had a revenue of ₹240 and a profit of ₹230. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
20. 20.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
21. 21.A small business selling cups of lemonade had a revenue of ₹980 and a profit of ₹110. What were its costs (in ₹)?
22. 22.True or false: “owner owes the debts” is true of a company. (a) True (b) False
23. 23.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) one owner runs it
24. 24.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
25. 25.A small business sells 55 jute bags at ₹15 each. Its costs are ₹360. What is its profit (in ₹)?
26. 26.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
27. 27.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
28. 28.A small business selling paper bookmarks had a revenue of ₹1120 and a profit of ₹220. What were its costs (in ₹)?
29. 29.A small business selling fruit cups had a revenue of ₹1890 and a profit of ₹1040. What were its costs (in ₹)?
30. 30.A small business selling paper bookmarks had a revenue of ₹360 and a profit of ₹210. What were its costs (in ₹)?
31. 31.A small business selling cups of lemonade had a revenue of ₹450 and a profit of ₹60. What were its costs (in ₹)?
32. 32.A small business sells 60 cups of lemonade at ₹30 each. Its costs are ₹1570. What is its profit (in ₹)?
33. 33.🏢 A company is owned by… (a) its shareholders (b) its customers (c) the government always (d) its suppliers
34. 34.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
35. 35.A small business selling clay diyas had a revenue of ₹1575 and a profit of ₹1495. What were its costs (in ₹)?
36. 36.A small business selling handmade cards had a revenue of ₹85 and a profit of ₹35. What were its costs (in ₹)?
37. 37.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
38. 38.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
39. 39.A small business selling cupcakes had a revenue of ₹400 and a profit of ₹290. What were its costs (in ₹)?
40. 40.A small business sells 32 glasses of chai at ₹40 each. What is its revenue (in ₹)?

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