Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 760 · 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.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
5. 5.A small business sells 24 painted pebbles at ₹30 each. Its costs are ₹60. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
7. 7.A small business selling friendship bands had a revenue of ₹945 and a profit of ₹805. What were its costs (in ₹)?
8. 8.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) run by directors
11. 11.A small business sells 19 handmade cards at ₹10 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
14. 14.A small business sells 10 handmade cards at ₹35 each. What is its revenue (in ₹)?
15. 15.A small business sells 20 cups of lemonade at ₹20 each. Its costs are ₹220. What is its profit (in ₹)?
16. 16.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
17. 17.A small business selling potted plants had a revenue of ₹1540 and a profit of ₹170. What were its costs (in ₹)?
18. 18.A small business sells 23 friendship bands at ₹50 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
20. 20.A small business sells 58 painted pebbles at ₹25 each. Its costs are ₹170. What is its profit (in ₹)?
21. 21.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) run by directors
23. 23.True or false: “simplest to start” is true of a company. (a) False (b) True
24. 24.A small business sells 10 handmade cards at ₹50 each. Its costs are ₹60. What is its profit (in ₹)?
25. 25.A small business selling cupcakes had a revenue of ₹430 and a profit of ₹200. What were its costs (in ₹)?
26. 26.A small business sells 16 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
27. 27.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
28. 28.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) owner owes the debts
29. 29.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
30. 30.A small business sells 46 potted plants at ₹40 each. What is its revenue (in ₹)?
31. 31.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
32. 32.A small business sells 34 fruit cups at ₹25 each. What is its revenue (in ₹)?
33. 33.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
34. 34.A small business sells 13 handmade cards at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
35. 35.True or false: “a separate legal body” is true of a company. (a) True (b) False
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
37. 37.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
38. 38.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
39. 39.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) run by directors (d) one owner runs it
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False

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