Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 910 · 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: goes up if costs fall? (a) revenue (b) profit
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
3. 3.A small business selling paper bookmarks had a revenue of ₹120 and a profit of ₹70. What were its costs (in ₹)?
4. 4.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
5. 5.A small business sells 53 glasses of chai at ₹5 each. What is its revenue (in ₹)?
6. 6.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
9. 9.A small business selling paper bookmarks had a revenue of ₹855 and a profit of ₹675. What were its costs (in ₹)?
10. 10.A small business selling paper bookmarks had a revenue of ₹705 and a profit of ₹615. What were its costs (in ₹)?
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
12. 12.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
13. 13.A small business sells 17 fruit cups at ₹15 each. What is its revenue (in ₹)?
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
17. 17.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
18. 18.A small business sells 44 friendship bands at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
19. 19.True or false: “run by directors” is true of a sole trader. (a) True (b) False
20. 20.True or false: “simplest to start” is true of a company. (a) False (b) True
21. 21.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) a separate legal body
22. 22.A small business sells 14 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
23. 23.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
24. 24.A small business sells 48 handmade cards at ₹30 each. What is its revenue (in ₹)?
25. 25.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner keeps all profit (d) owner owes the debts
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
27. 27.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
28. 28.True or false: “a separate legal body” is true of a company. (a) False (b) True
29. 29.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owned by shareholders
30. 30.A small business sells 14 friendship bands at ₹20 each. Its costs are ₹250. What is its profit (in ₹)?
31. 31.A small business selling friendship bands had a revenue of ₹175 and a profit of ₹155. What were its costs (in ₹)?
32. 32.A small business sells 25 handmade cards at ₹40 each. What is its revenue (in ₹)?
33. 33.A small business sells 36 painted pebbles at ₹15 each. Its costs are ₹230. What is its profit (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) run by directors (d) a separate legal body
35. 35.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
36. 36.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
37. 37.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
38. 38.A small business sells 27 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) simplest to start (d) owned by shareholders
40. 40.True or false: “owner owes the debts” is true of a company. (a) True (b) False

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