Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 926 · 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: “a separate legal body” is true of a company. (a) True (b) False
2. 2.A small business sells 31 fruit cups at ₹45 each. What is its revenue (in ₹)?
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
4. 4.A small business sells 17 bags of popcorn at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
5. 5.A small business selling bags of popcorn had a revenue of ₹800 and a profit of ₹720. What were its costs (in ₹)?
6. 6.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
7. 7.True or false: “simplest to start” is true of a company. (a) True (b) False
8. 8.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
9. 9.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
10. 10.A small business selling potted plants had a revenue of ₹420 and a profit of ₹310. What were its costs (in ₹)?
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
12. 12.A small business sells 32 fruit cups at ₹45 each. Its costs are ₹780. What is its profit (in ₹)?
13. 13.A small business sells 32 glasses of chai at ₹35 each. Its costs are ₹460. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) run by directors (d) owners’ risk is limited
16. 16.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
17. 17.A small business sells 55 jute bags at ₹40 each. What is its revenue (in ₹)?
18. 18.A small business sells 18 glasses of chai at ₹35 each. What is its revenue (in ₹)?
19. 19.A small business sells 27 cupcakes at ₹35 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) simplest to start (d) one owner runs it
21. 21.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
22. 22.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
23. 23.A small business selling cups of lemonade had a revenue of ₹165 and a profit of ₹155. What were its costs (in ₹)?
24. 24.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
25. 25.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
26. 26.True or false: “one owner runs it” is true of a company. (a) False (b) True
27. 27.A small business selling cups of lemonade had a revenue of ₹720 and a profit of ₹40. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
29. 29.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
30. 30.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) one owner runs it
31. 31.A small business selling glasses of chai had a revenue of ₹95 and a profit of ₹25. What were its costs (in ₹)?
32. 32.A small business selling paper bookmarks had a revenue of ₹2700 and a profit of ₹2600. What were its costs (in ₹)?
33. 33.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
34. 34.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
35. 35.A small business sells 58 painted pebbles at ₹45 each. What is its revenue (in ₹)?
36. 36.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
37. 37.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
38. 38.A small business sells 37 glasses of chai at ₹5 each. Its costs are ₹130. What is its profit (in ₹)?
39. 39.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False

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