Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 682 · 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.A small business selling cupcakes had a revenue of ₹1440 and a profit of ₹1230. What were its costs (in ₹)?
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner keeps all profit
3. 3.A small business sells 33 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
4. 4.A small business selling cups of lemonade had a revenue of ₹1920 and a profit of ₹660. What were its costs (in ₹)?
5. 5.True or false: “owned by shareholders” is true of a company. (a) True (b) False
6. 6.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner owes the debts (d) one owner runs it
7. 7.A small business sells 19 friendship bands at ₹40 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
9. 9.True or false: “a separate legal body” is true of a company. (a) False (b) True
10. 10.A small business sells 58 bags of popcorn at ₹35 each. Its costs are ₹220. What is its profit (in ₹)?
11. 11.A small business sells 55 friendship bands at ₹5 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
13. 13.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
14. 14.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
15. 15.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
16. 16.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
17. 17.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
18. 18.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
19. 19.A small business sells 53 jute bags at ₹20 each. What is its revenue (in ₹)?
20. 20.A small business sells 51 painted pebbles at ₹35 each. Its costs are ₹400. What is its profit (in ₹)?
21. 21.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
22. 22.A small business sells 38 potted plants at ₹45 each. Its costs are ₹30. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
24. 24.A small business selling cups of lemonade had a revenue of ₹2385 and a profit of ₹1975. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.A small business sells 55 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
27. 27.True or false: “run by directors” is true of a sole trader. (a) False (b) True
28. 28.A small business sells 45 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
29. 29.A small business selling fruit cups had a revenue of ₹175 and a profit of ₹105. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
32. 32.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
33. 33.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) a separate legal body
34. 34.A small business sells 45 potted plants at ₹10 each. What is its revenue (in ₹)?
35. 35.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
36. 36.A small business selling painted pebbles had a revenue of ₹450 and a profit of ₹150. What were its costs (in ₹)?
37. 37.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
38. 38.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) owner owes the debts
39. 39.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) one owner runs it
40. 40.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True

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