Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 773 · 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.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
2. 2.A small business sells 48 cupcakes at ₹10 each. Its costs are ₹50. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
4. 4.A small business sells 52 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner owes the debts
6. 6.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
7. 7.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
8. 8.True or false: “owned by shareholders” is true of a company. (a) True (b) False
9. 9.A small business sells 20 clay diyas at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
10. 10.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
12. 12.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
13. 13.A small business sells 58 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
14. 14.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owners’ risk is limited (d) owned by shareholders
15. 15.True or false: “simplest to start” is true of a company. (a) True (b) False
16. 16.A small business selling potted plants had a revenue of ₹420 and a profit of ₹20. What were its costs (in ₹)?
17. 17.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
18. 18.A small business sells 23 cupcakes at ₹25 each. Its costs are ₹430. What is its profit (in ₹)?
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
20. 20.A small business sells 13 paper bookmarks at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
21. 21.A small business selling painted pebbles had a revenue of ₹490 and a profit of ₹350. What were its costs (in ₹)?
22. 22.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
23. 23.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
24. 24.A small business sells 43 cups of lemonade at ₹50 each. Its costs are ₹590. What is its profit (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
26. 26.A small business sells 10 cupcakes at ₹35 each. What is its revenue (in ₹)?
27. 27.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
28. 28.A small business selling handmade cards had a revenue of ₹600 and a profit of ₹190. What were its costs (in ₹)?
29. 29.A small business selling fruit cups had a revenue of ₹1375 and a profit of ₹765. What were its costs (in ₹)?
30. 30.A small business sells 41 paper bookmarks at ₹15 each. Its costs are ₹250. What is its profit (in ₹)?
31. 31.A small business sells 60 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
33. 33.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
34. 34.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
35. 35.A small business sells 28 cupcakes at ₹40 each. What is its revenue (in ₹)?
36. 36.A small business sells 18 clay diyas at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
38. 38.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
39. 39.Which of these is true of a company? (a) simplest to start (b) run by directors (c) one owner runs it (d) owner keeps all profit
40. 40.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited

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