Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 669 · 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: owner keeps all profit? (a) a sole trader (b) a company
2. 2.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
3. 3.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
4. 4.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
5. 5.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) owners’ risk is limited
6. 6.True or false: “one owner runs it” is true of a company. (a) True (b) False
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.A small business selling bags of popcorn had a revenue of ₹1305 and a profit of ₹1085. What were its costs (in ₹)?
9. 9.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
10. 10.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
11. 11.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
12. 12.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
13. 13.A small business selling bags of popcorn had a revenue of ₹1200 and a profit of ₹1050. What were its costs (in ₹)?
14. 14.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
15. 15.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
16. 16.A small business sells 42 glasses of chai at ₹50 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owners’ risk is limited (d) a separate legal body
18. 18.A small business sells 23 cupcakes at ₹40 each. What is its revenue (in ₹)?
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
20. 20.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
21. 21.A small business sells 58 jute bags at ₹15 each. What is its revenue (in ₹)?
22. 22.A small business sells 32 glasses of chai at ₹10 each. What is its revenue (in ₹)?
23. 23.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
24. 24.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owners’ risk is limited (d) a separate legal body
25. 25.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
26. 26.A small business sells 31 friendship bands at ₹40 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
28. 28.A small business sells 47 clay diyas at ₹50 each. Its costs are ₹1230. What is its profit (in ₹)?
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) one owner runs it
30. 30.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
31. 31.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
32. 32.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
33. 33.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
34. 34.A small business sells 42 clay diyas at ₹35 each. What is its revenue (in ₹)?
35. 35.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
36. 36.A small business sells 41 handmade cards at ₹50 each. Its costs are ₹1550. What is its profit (in ₹)?
37. 37.A small business sells 22 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
38. 38.A small business selling bags of popcorn had a revenue of ₹300 and a profit of ₹160. What were its costs (in ₹)?
39. 39.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
40. 40.A small business selling glasses of chai had a revenue of ₹2450 and a profit of ₹1830. What were its costs (in ₹)?

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