Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 922 · 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: left after all costs? (a) revenue (b) profit
2. 2.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) run by directors (d) a separate legal body
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
4. 4.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
6. 6.A small business selling jute bags had a revenue of ₹510 and a profit of ₹380. What were its costs (in ₹)?
7. 7.True or false: “one owner runs it” is true of a company. (a) False (b) True
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) owner owes the debts
9. 9.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
10. 10.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
11. 11.True or false: “simplest to start” is true of a company. (a) True (b) False
12. 12.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
13. 13.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
14. 14.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
15. 15.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
16. 16.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
17. 17.A small business sells 53 jute bags at ₹15 each. What is its revenue (in ₹)?
18. 18.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
19. 19.A small business sells 26 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
20. 20.A small business selling friendship bands had a revenue of ₹1750 and a profit of ₹290. What were its costs (in ₹)?
21. 21.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
22. 22.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
23. 23.A small business selling paper bookmarks had a revenue of ₹900 and a profit of ₹70. What were its costs (in ₹)?
24. 24.A small business sells 32 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
25. 25.A small business sells 18 cupcakes at ₹50 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
27. 27.A small business selling fruit cups had a revenue of ₹1400 and a profit of ₹1270. What were its costs (in ₹)?
28. 28.A small business sells 51 handmade cards at ₹20 each. What is its revenue (in ₹)?
29. 29.A small business selling fruit cups had a revenue of ₹1080 and a profit of ₹800. What were its costs (in ₹)?
30. 30.A small business selling cupcakes had a revenue of ₹1920 and a profit of ₹580. What were its costs (in ₹)?
31. 31.A small business sells 51 fruit cups at ₹10 each. Its costs are ₹330. What is its profit (in ₹)?
32. 32.A small business sells 54 fruit cups at ₹45 each. Its costs are ₹1440. What is its profit (in ₹)?
33. 33.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) run by directors
34. 34.A small business sells 36 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
35. 35.A small business sells 26 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
37. 37.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
38. 38.A small business selling handmade cards had a revenue of ₹510 and a profit of ₹430. What were its costs (in ₹)?
39. 39.A small business selling bags of popcorn had a revenue of ₹600 and a profit of ₹360. What were its costs (in ₹)?
40. 40.A small business selling friendship bands had a revenue of ₹205 and a profit of ₹155. What were its costs (in ₹)?

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