Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 943 · 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.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) simplest to start
2. 2.True or false: “run by directors” is true of a sole trader. (a) False (b) True
3. 3.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
4. 4.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
5. 5.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
6. 6.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
7. 7.A small business sells 31 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
9. 9.A small business sells 33 bags of popcorn at ₹20 each. Its costs are ₹390. What is its profit (in ₹)?
10. 10.A small business sells 29 friendship bands at ₹20 each. What is its revenue (in ₹)?
11. 11.A small business sells 22 clay diyas at ₹35 each. What is its revenue (in ₹)?
12. 12.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
13. 13.A small business selling potted plants had a revenue of ₹2000 and a profit of ₹1150. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
15. 15.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
16. 16.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
17. 17.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) a separate legal body
18. 18.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
19. 19.A small business selling handmade cards had a revenue of ₹1645 and a profit of ₹1385. What were its costs (in ₹)?
20. 20.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
21. 21.A small business selling cups of lemonade had a revenue of ₹950 and a profit of ₹490. What were its costs (in ₹)?
22. 22.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
23. 23.A small business sells 18 painted pebbles at ₹25 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
25. 25.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
26. 26.A small business selling handmade cards had a revenue of ₹840 and a profit of ₹160. What were its costs (in ₹)?
27. 27.True or false: “one owner runs it” is true of a company. (a) True (b) False
28. 28.A small business sells 11 paper bookmarks at ₹35 each. Its costs are ₹290. What is its profit (in ₹)?
29. 29.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
30. 30.A small business sells 48 painted pebbles at ₹20 each. Its costs are ₹120. What is its profit (in ₹)?
31. 31.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
32. 32.A small business sells 43 friendship bands at ₹30 each. Its costs are ₹320. What is its profit (in ₹)?
33. 33.A small business sells 29 fruit cups at ₹25 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
35. 35.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) run by directors
37. 37.A small business sells 58 fruit cups at ₹15 each. What is its revenue (in ₹)?
38. 38.A small business sells 47 glasses of chai at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
39. 39.A small business sells 33 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
40. 40.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) simplest to start (d) a separate legal body

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