Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 68 · 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 owes the debts” is true of a sole trader. (a) True (b) False
2. 2.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
3. 3.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
4. 4.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) run by directors (d) a separate legal body
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
7. 7.A small business selling clay diyas had a revenue of ₹210 and a profit of ₹150. What were its costs (in ₹)?
8. 8.A small business sells 19 clay diyas at ₹45 each. Its costs are ₹650. What is its profit (in ₹)?
9. 9.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
10. 10.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
11. 11.A small business selling paper bookmarks had a revenue of ₹900 and a profit of ₹810. What were its costs (in ₹)?
12. 12.True or false: “run by directors” is true of a company. (a) True (b) False
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
14. 14.A small business sells 48 potted plants at ₹15 each. Its costs are ₹150. What is its profit (in ₹)?
15. 15.True or false: “owned by shareholders” is true of a company. (a) False (b) True
16. 16.A small business selling jute bags had a revenue of ₹960 and a profit of ₹520. What were its costs (in ₹)?
17. 17.A small business selling fruit cups had a revenue of ₹1560 and a profit of ₹1520. What were its costs (in ₹)?
18. 18.A small business sells 32 glasses of chai at ₹50 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
20. 20.A small business sells 33 bags of popcorn at ₹45 each. Its costs are ₹160. What is its profit (in ₹)?
21. 21.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
22. 22.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) run by directors (d) owners’ risk is limited
23. 23.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
24. 24.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
25. 25.A small business sells 47 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
26. 26.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) simplest to start (d) owner keeps all profit
27. 27.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
28. 28.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
29. 29.A small business selling glasses of chai had a revenue of ₹1020 and a profit of ₹950. What were its costs (in ₹)?
30. 30.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
31. 31.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
32. 32.A small business sells 18 handmade cards at ₹45 each. Its costs are ₹360. What is its profit (in ₹)?
33. 33.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
34. 34.A small business sells 33 painted pebbles at ₹40 each. What is its revenue (in ₹)?
35. 35.A small business sells 40 handmade cards at ₹5 each. Its costs are ₹150. What is its profit (in ₹)?
36. 36.A small business sells 42 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
37. 37.A small business sells 44 painted pebbles at ₹20 each. Its costs are ₹220. What is its profit (in ₹)?
38. 38.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) one owner runs it (d) owned by shareholders
39. 39.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
40. 40.True or false: “owner owes the debts” is true of a company. (a) True (b) False

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