Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 840 · 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) nobody (d) a random video
2. 2.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
3. 3.A small business sells 20 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
5. 5.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
7. 7.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) run by directors
8. 8.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
9. 9.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
10. 10.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) simplest to start (d) owner keeps all profit
11. 11.A small business selling glasses of chai had a revenue of ₹800 and a profit of ₹680. What were its costs (in ₹)?
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) run by directors
13. 13.A small business sells 52 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
14. 14.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
15. 15.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
16. 16.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
17. 17.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
18. 18.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
19. 19.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
20. 20.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
21. 21.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
22. 22.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
23. 23.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
25. 25.A small business sells 55 painted pebbles at ₹20 each. What is its revenue (in ₹)?
26. 26.A small business sells 19 friendship bands at ₹15 each. Its costs are ₹170. What is its profit (in ₹)?
27. 27.A small business sells 42 cups of lemonade at ₹35 each. Its costs are ₹830. What is its profit (in ₹)?
28. 28.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
29. 29.A small business sells 13 friendship bands at ₹20 each. What is its revenue (in ₹)?
30. 30.A small business sells 20 friendship bands at ₹10 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) simplest to start (d) owner owes the debts
32. 32.A small business sells 24 cups of lemonade at ₹20 each. Its costs are ₹450. What is its profit (in ₹)?
33. 33.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
34. 34.A small business sells 16 jute bags at ₹20 each. Its costs are ₹280. What is its profit (in ₹)?
35. 35.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owners’ risk is limited
36. 36.A small business sells 15 cupcakes at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
37. 37.True or false: “run by directors” is true of a company. (a) False (b) True
38. 38.A small business sells 30 painted pebbles at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
39. 39.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
40. 40.A small business selling potted plants had a revenue of ₹300 and a profit of ₹240. What were its costs (in ₹)?

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