Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 676 · 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.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
2. 2.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
3. 3.True or false: “one owner runs it” is true of a company. (a) False (b) True
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) run by directors
5. 5.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
6. 6.A small business sells 25 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
7. 7.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
8. 8.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
9. 9.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) owners’ risk is limited (d) run by directors
10. 10.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
11. 11.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
12. 12.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
13. 13.True or false: “owner owes the debts” is true of a company. (a) False (b) True
14. 14.A small business sells 58 cups of lemonade at ₹25 each. Its costs are ₹1380. What is its profit (in ₹)?
15. 15.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
17. 17.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
18. 18.A small business sells 43 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
19. 19.A small business sells 28 potted plants at ₹25 each. What is its revenue (in ₹)?
20. 20.A small business selling glasses of chai had a revenue of ₹85 and a profit of ₹65. What were its costs (in ₹)?
21. 21.A small business sells 51 bags of popcorn at ₹15 each. Its costs are ₹380. What is its profit (in ₹)?
22. 22.A small business sells 44 friendship bands at ₹40 each. What is its revenue (in ₹)?
23. 23.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
24. 24.True or false: “owned by shareholders” is true of a company. (a) False (b) True
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.A small business selling painted pebbles had a revenue of ₹2000 and a profit of ₹260. What were its costs (in ₹)?
27. 27.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
28. 28.A small business sells 38 fruit cups at ₹45 each. Its costs are ₹70. What is its profit (in ₹)?
29. 29.A small business sells 20 jute bags at ₹25 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
32. 32.A small business selling bags of popcorn had a revenue of ₹690 and a profit of ₹660. What were its costs (in ₹)?
33. 33.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
34. 34.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
35. 35.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
36. 36.A small business sells 18 handmade cards at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
37. 37.A small business sells 15 painted pebbles at ₹45 each. Its costs are ₹580. What is its profit (in ₹)?
38. 38.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
39. 39.A small business sells 26 handmade cards at ₹5 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader

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