Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 649 · 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) owned by shareholders (b) a separate legal body (c) run by directors (d) owner owes the debts
2. 2.True or false: “one owner runs it” is true of a company. (a) True (b) False
3. 3.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
4. 4.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
5. 5.A small business selling potted plants had a revenue of ₹1800 and a profit of ₹1610. What were its costs (in ₹)?
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
7. 7.A small business sells 47 cupcakes at ₹30 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
9. 9.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
10. 10.A small business sells 30 handmade cards at ₹40 each. What is its revenue (in ₹)?
11. 11.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
12. 12.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
13. 13.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
14. 14.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owned by shareholders
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) run by directors
16. 16.A small business sells 28 handmade cards at ₹40 each. Its costs are ₹70. What is its profit (in ₹)?
17. 17.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) owner owes the debts
18. 18.A small business selling handmade cards had a revenue of ₹170 and a profit of ₹120. What were its costs (in ₹)?
19. 19.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owners’ risk is limited (d) owner keeps all profit
20. 20.True or false: “simplest to start” is true of a company. (a) True (b) False
21. 21.A small business selling clay diyas had a revenue of ₹200 and a profit of ₹170. What were its costs (in ₹)?
22. 22.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
23. 23.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
24. 24.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
27. 27.A small business sells 44 handmade cards at ₹45 each. What is its revenue (in ₹)?
28. 28.A small business sells 41 clay diyas at ₹45 each. Its costs are ₹1030. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
30. 30.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
31. 31.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
32. 32.True or false: “run by directors” is true of a sole trader. (a) True (b) False
33. 33.A small business sells 58 jute bags at ₹40 each. Its costs are ₹680. What is its profit (in ₹)?
34. 34.A small business sells 55 friendship bands at ₹20 each. Its costs are ₹730. What is its profit (in ₹)?
35. 35.A small business sells 17 fruit cups at ₹45 each. Its costs are ₹100. What is its profit (in ₹)?
36. 36.True or false: “a separate legal body” is true of a company. (a) True (b) False
37. 37.A small business sells 28 potted plants at ₹50 each. What is its revenue (in ₹)?
38. 38.A small business sells 14 handmade cards at ₹35 each. Its costs are ₹250. What is its profit (in ₹)?
39. 39.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
40. 40.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited

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