Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 915 · 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: “one owner runs it” is true of a company. (a) True (b) False
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
4. 4.A small business selling bags of popcorn had a revenue of ₹1400 and a profit of ₹1000. What were its costs (in ₹)?
5. 5.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
6. 6.A small business sells 58 jute bags at ₹25 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) one owner runs it (d) a separate legal body
8. 8.A small business sells 56 painted pebbles at ₹50 each. Its costs are ₹2160. What is its profit (in ₹)?
9. 9.A small business selling potted plants had a revenue of ₹855 and a profit of ₹145. What were its costs (in ₹)?
10. 10.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
11. 11.A small business selling potted plants had a revenue of ₹870 and a profit of ₹200. What were its costs (in ₹)?
12. 12.A small business selling fruit cups had a revenue of ₹660 and a profit of ₹610. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
14. 14.A small business sells 46 clay diyas at ₹50 each. Its costs are ₹1350. What is its profit (in ₹)?
15. 15.A small business sells 24 jute bags at ₹30 each. What is its revenue (in ₹)?
16. 16.A small business selling glasses of chai had a revenue of ₹840 and a profit of ₹490. What were its costs (in ₹)?
17. 17.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
18. 18.A small business sells 25 fruit cups at ₹35 each. Its costs are ₹700. What is its profit (in ₹)?
19. 19.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) run by directors (d) simplest to start
20. 20.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) owners’ risk is limited
23. 23.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
24. 24.A small business sells 22 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
26. 26.A small business sells 50 clay diyas at ₹15 each. What is its revenue (in ₹)?
27. 27.A small business sells 29 friendship bands at ₹10 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
29. 29.A small business sells 50 fruit cups at ₹40 each. Its costs are ₹1840. What is its profit (in ₹)?
30. 30.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
31. 31.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
32. 32.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
33. 33.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
34. 34.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
35. 35.A small business sells 13 glasses of chai at ₹45 each. Its costs are ₹170. What is its profit (in ₹)?
36. 36.True or false: “run by directors” is true of a sole trader. (a) False (b) True
37. 37.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
38. 38.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) a separate legal body
39. 39.True or false: “simplest to start” is true of a company. (a) False (b) True
40. 40.A small business sells 41 paper bookmarks at ₹15 each. What is its revenue (in ₹)?

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