Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 895 · 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.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
2. 2.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) a separate legal body
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
4. 4.A small business sells 57 painted pebbles at ₹35 each. What is its revenue (in ₹)?
5. 5.A small business sells 28 friendship bands at ₹40 each. Its costs are ₹120. What is its profit (in ₹)?
6. 6.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
7. 7.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
8. 8.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
9. 9.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
10. 10.A small business sells 15 clay diyas at ₹15 each. What is its revenue (in ₹)?
11. 11.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
12. 12.True or false: “one owner runs it” is true of a company. (a) False (b) True
13. 13.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owner owes the debts (d) a separate legal body
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.A small business sells 53 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
16. 16.A small business sells 51 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
17. 17.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
18. 18.A small business sells 43 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
19. 19.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
20. 20.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) one owner runs it (d) owner keeps all profit
21. 21.True or false: “owned by shareholders” is true of a company. (a) True (b) False
22. 22.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) one owner runs it (d) simplest to start
23. 23.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
24. 24.A small business selling painted pebbles had a revenue of ₹975 and a profit of ₹315. What were its costs (in ₹)?
25. 25.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
26. 26.A small business sells 10 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
27. 27.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
28. 28.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
29. 29.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
31. 31.True or false: “a separate legal body” is true of a company. (a) True (b) False
32. 32.A small business selling clay diyas had a revenue of ₹2250 and a profit of ₹1510. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
34. 34.A small business selling clay diyas had a revenue of ₹1840 and a profit of ₹810. What were its costs (in ₹)?
35. 35.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
36. 36.A small business selling fruit cups had a revenue of ₹540 and a profit of ₹370. What were its costs (in ₹)?
37. 37.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
38. 38.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owned by shareholders (d) a separate legal body
39. 39.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
40. 40.A small business selling handmade cards had a revenue of ₹700 and a profit of ₹690. What were its costs (in ₹)?

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