Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 740 · 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) profit (b) revenue
2. 2.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
3. 3.True or false: “owned by shareholders” is true of a company. (a) True (b) False
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
5. 5.True or false: “owner owes the debts” is true of a company. (a) False (b) True
6. 6.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
7. 7.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
8. 8.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) owners’ risk is limited (d) run by directors
9. 9.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
10. 10.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
11. 11.A small business selling handmade cards had a revenue of ₹140 and a profit of ₹120. What were its costs (in ₹)?
12. 12.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
13. 13.True or false: “one owner runs it” is true of a company. (a) True (b) False
14. 14.A small business sells 10 handmade cards at ₹40 each. What is its revenue (in ₹)?
15. 15.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
16. 16.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
17. 17.A small business sells 59 painted pebbles at ₹40 each. Its costs are ₹480. What is its profit (in ₹)?
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
19. 19.A small business sells 51 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
20. 20.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
21. 21.A small business sells 24 cupcakes at ₹10 each. What is its revenue (in ₹)?
22. 22.A small business sells 52 friendship bands at ₹35 each. Its costs are ₹1250. What is its profit (in ₹)?
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
24. 24.A small business sells 53 fruit cups at ₹5 each. What is its revenue (in ₹)?
25. 25.A small business selling friendship bands had a revenue of ₹390 and a profit of ₹190. What were its costs (in ₹)?
26. 26.A small business selling jute bags had a revenue of ₹580 and a profit of ₹140. What were its costs (in ₹)?
27. 27.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
28. 28.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
29. 29.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
30. 30.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) a separate legal body
31. 31.True or false: “run by directors” is true of a sole trader. (a) False (b) True
32. 32.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
33. 33.A small business sells 40 handmade cards at ₹50 each. What is its revenue (in ₹)?
34. 34.A small business sells 43 cupcakes at ₹50 each. What is its revenue (in ₹)?
35. 35.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
36. 36.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
37. 37.A small business selling bags of popcorn had a revenue of ₹650 and a profit of ₹70. What were its costs (in ₹)?
38. 38.A small business selling glasses of chai had a revenue of ₹660 and a profit of ₹420. What were its costs (in ₹)?
39. 39.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
40. 40.A small business sells 27 clay diyas at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?

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