Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 730 · 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: “run by directors” is true of a sole trader. (a) False (b) True
2. 2.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
3. 3.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) simplest to start
5. 5.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
9. 9.A small business sells 29 cupcakes at ₹45 each. What is its revenue (in ₹)?
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
12. 12.True or false: “simplest to start” is true of a company. (a) False (b) True
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owned by shareholders (d) run by directors
16. 16.A small business sells 19 handmade cards at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
17. 17.A small business sells 47 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
18. 18.A small business selling glasses of chai had a revenue of ₹1125 and a profit of ₹785. What were its costs (in ₹)?
19. 19.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
20. 20.A small business sells 11 cupcakes at ₹30 each. What is its revenue (in ₹)?
21. 21.A small business sells 32 clay diyas at ₹10 each. What is its revenue (in ₹)?
22. 22.A small business sells 53 handmade cards at ₹25 each. Its costs are ₹180. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
24. 24.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
25. 25.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
26. 26.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
27. 27.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
28. 28.A small business sells 14 clay diyas at ₹45 each. Its costs are ₹530. What is its profit (in ₹)?
29. 29.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
30. 30.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
31. 31.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
32. 32.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
33. 33.A small business selling handmade cards had a revenue of ₹1320 and a profit of ₹1270. What were its costs (in ₹)?
34. 34.A small business sells 41 glasses of chai at ₹20 each. What is its revenue (in ₹)?
35. 35.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
36. 36.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
38. 38.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
39. 39.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) a separate legal body (d) owner keeps all profit
40. 40.A small business selling friendship bands had a revenue of ₹945 and a profit of ₹705. What were its costs (in ₹)?

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