Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 805 · 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 minus costs equals… (a) price (b) revenue (c) stock (d) profit
2. 2.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
3. 3.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
4. 4.A small business selling friendship bands had a revenue of ₹1170 and a profit of ₹1030. What were its costs (in ₹)?
5. 5.A small business sells 54 painted pebbles at ₹40 each. What is its revenue (in ₹)?
6. 6.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
7. 7.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
8. 8.A small business selling cups of lemonade had a revenue of ₹420 and a profit of ₹300. What were its costs (in ₹)?
9. 9.A small business sells 33 glasses of chai at ₹10 each. What is its revenue (in ₹)?
10. 10.📜 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
11. 11.A small business sells 29 handmade cards at ₹5 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
13. 13.True or false: “owned by shareholders” is true of a company. (a) True (b) False
14. 14.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
15. 15.A small business sells 13 paper bookmarks at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
16. 16.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
17. 17.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
18. 18.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
19. 19.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) owner keeps all profit
20. 20.A small business selling glasses of chai had a revenue of ₹810 and a profit of ₹510. What were its costs (in ₹)?
21. 21.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
22. 22.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
23. 23.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) a separate legal body
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
25. 25.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
26. 26.True or false: “run by directors” is true of a company. (a) True (b) False
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner owes the debts
29. 29.A small business sells 15 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
30. 30.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
31. 31.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) run by directors (d) simplest to start
32. 32.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
33. 33.A small business sells 28 paper bookmarks at ₹25 each. Its costs are ₹350. What is its profit (in ₹)?
34. 34.A small business sells 32 paper bookmarks at ₹15 each. Its costs are ₹190. What is its profit (in ₹)?
35. 35.A small business sells 31 fruit cups at ₹35 each. Its costs are ₹10. What is its profit (in ₹)?
36. 36.A small business selling jute bags had a revenue of ₹1505 and a profit of ₹1235. What were its costs (in ₹)?
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner keeps all profit (d) a separate legal body
38. 38.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
39. 39.A small business selling fruit cups had a revenue of ₹2100 and a profit of ₹1690. What were its costs (in ₹)?
40. 40.A small business sells 44 cupcakes at ₹25 each. Its costs are ₹730. What is its profit (in ₹)?

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