Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 739 · 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 or profit: all money from sales? (a) revenue (b) profit
2. 2.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
3. 3.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
4. 4.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
5. 5.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) owner owes the debts
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
7. 7.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
8. 8.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
9. 9.True or false: “run by directors” is true of a sole trader. (a) True (b) False
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) a separate legal body
11. 11.True or false: “one owner runs it” is true of a company. (a) False (b) True
12. 12.📜 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
13. 13.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) a separate legal body (d) run by directors
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
15. 15.True or false: “simplest to start” is true of a company. (a) False (b) True
16. 16.A small business selling jute bags had a revenue of ₹230 and a profit of ₹190. What were its costs (in ₹)?
17. 17.A small business selling potted plants had a revenue of ₹440 and a profit of ₹330. What were its costs (in ₹)?
18. 18.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
19. 19.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
20. 20.A small business sells 21 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
22. 22.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
23. 23.A small business sells 18 fruit cups at ₹35 each. What is its revenue (in ₹)?
24. 24.A small business sells 41 paper bookmarks at ₹25 each. Its costs are ₹280. What is its profit (in ₹)?
25. 25.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) run by directors
26. 26.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
27. 27.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
28. 28.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
29. 29.A small business selling fruit cups had a revenue of ₹1350 and a profit of ₹660. What were its costs (in ₹)?
30. 30.A small business selling fruit cups had a revenue of ₹1300 and a profit of ₹1160. What were its costs (in ₹)?
31. 31.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) run by directors (d) owned by shareholders
32. 32.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
33. 33.True or false: “owner owes the debts” is true of a company. (a) True (b) False
34. 34.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
35. 35.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
36. 36.A small business sells 42 fruit cups at ₹30 each. Its costs are ₹1020. What is its profit (in ₹)?
37. 37.A small business sells 50 fruit cups at ₹50 each. Its costs are ₹560. What is its profit (in ₹)?
38. 38.A small business selling cupcakes had a revenue of ₹375 and a profit of ₹355. What were its costs (in ₹)?
39. 39.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
40. 40.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True

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