Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 745 · 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: revenue minus costs? (a) profit (b) revenue
2. 2.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner keeps all profit
3. 3.A small business sells 44 glasses of chai at ₹15 each. Its costs are ₹190. What is its profit (in ₹)?
4. 4.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
5. 5.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
6. 6.A small business sells 31 friendship bands at ₹45 each. What is its revenue (in ₹)?
7. 7.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
8. 8.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
9. 9.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
10. 10.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
12. 12.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
13. 13.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) a separate legal body (d) owners’ risk is limited
14. 14.A small business sells 18 bags of popcorn at ₹25 each. Its costs are ₹30. What is its profit (in ₹)?
15. 15.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
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) one owner runs it
18. 18.A small business selling paper bookmarks had a revenue of ₹300 and a profit of ₹30. What were its costs (in ₹)?
19. 19.A small business selling cups of lemonade had a revenue of ₹175 and a profit of ₹95. What were its costs (in ₹)?
20. 20.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
21. 21.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) run by directors
22. 22.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
23. 23.Which of these is true of a sole trader? (a) simplest to start (b) owned by shareholders (c) run by directors (d) a separate legal body
24. 24.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
25. 25.A small business sells 56 potted plants at ₹10 each. Its costs are ₹520. What is its profit (in ₹)?
26. 26.A small business sells 24 painted pebbles at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
27. 27.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
28. 28.True or false: “simplest to start” is true of a company. (a) True (b) False
29. 29.A small business selling bags of popcorn had a revenue of ₹795 and a profit of ₹725. What were its costs (in ₹)?
30. 30.A small business sells 35 paper bookmarks at ₹35 each. Its costs are ₹580. What is its profit (in ₹)?
31. 31.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
32. 32.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
33. 33.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
34. 34.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
35. 35.True or false: “owner owes the debts” is true of a company. (a) False (b) True
36. 36.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
37. 37.A small business selling glasses of chai had a revenue of ₹700 and a profit of ₹380. What were its costs (in ₹)?
38. 38.A small business sells 29 handmade cards at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
39. 39.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
40. 40.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader

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