Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 738 · 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.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owned by shareholders
2. 2.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
3. 3.True or false: “owned by shareholders” is true of a company. (a) False (b) True
4. 4.A small business sells 43 cups of lemonade at ₹10 each. Its costs are ₹370. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
7. 7.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
8. 8.A small business selling glasses of chai had a revenue of ₹840 and a profit of ₹140. What were its costs (in ₹)?
9. 9.A small business sells 51 friendship bands at ₹45 each. Its costs are ₹930. What is its profit (in ₹)?
10. 10.A small business sells 11 potted plants at ₹45 each. What is its revenue (in ₹)?
11. 11.True or false: “run by directors” is true of a sole trader. (a) False (b) True
12. 12.A small business sells 23 potted plants at ₹40 each. Its costs are ₹650. What is its profit (in ₹)?
13. 13.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
14. 14.A small business sells 29 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
15. 15.True or false: “run by directors” is true of a company. (a) False (b) True
16. 16.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
17. 17.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
18. 18.A small business selling cups of lemonade had a revenue of ₹350 and a profit of ₹330. What were its costs (in ₹)?
19. 19.True or false: “a separate legal body” is true of a company. (a) True (b) False
20. 20.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
21. 21.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
22. 22.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
23. 23.A small business sells 49 handmade cards at ₹25 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
25. 25.A small business sells 58 glasses of chai at ₹5 each. What is its revenue (in ₹)?
26. 26.A small business sells 13 fruit cups at ₹10 each. What is its revenue (in ₹)?
27. 27.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
28. 28.True or false: “one owner runs it” is true of a company. (a) False (b) True
29. 29.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
30. 30.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owned by shareholders (d) owners’ risk is limited
31. 31.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
32. 32.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
33. 33.A small business selling bags of popcorn had a revenue of ₹960 and a profit of ₹420. What were its costs (in ₹)?
34. 34.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) a separate legal body
35. 35.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
36. 36.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) run by directors (d) owners’ risk is limited
37. 37.A small business sells 36 glasses of chai at ₹15 each. Its costs are ₹140. What is its profit (in ₹)?
38. 38.A small business sells 27 glasses of chai at ₹15 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
40. 40.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True

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