Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 952 · 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.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
2. 2.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
3. 3.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
4. 4.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
5. 5.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
6. 6.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
7. 7.A small business sells 24 paper bookmarks at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
8. 8.A small business sells 39 potted plants at ₹40 each. What is its revenue (in ₹)?
9. 9.A small business selling glasses of chai had a revenue of ₹1050 and a profit of ₹760. What were its costs (in ₹)?
10. 10.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
11. 11.A small business sells 10 friendship bands at ₹35 each. What is its revenue (in ₹)?
12. 12.A small business sells 21 handmade cards at ₹30 each. Its costs are ₹70. What is its profit (in ₹)?
13. 13.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
14. 14.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
15. 15.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
16. 16.True or false: “a separate legal body” is true of a company. (a) True (b) False
17. 17.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
18. 18.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
19. 19.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
20. 20.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
21. 21.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
22. 22.A small business selling paper bookmarks had a revenue of ₹1550 and a profit of ₹910. What were its costs (in ₹)?
23. 23.A small business sells 51 painted pebbles at ₹20 each. What is its revenue (in ₹)?
24. 24.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) owners’ risk is limited
25. 25.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
26. 26.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) a separate legal body
27. 27.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) a separate legal body
28. 28.A small business sells 54 handmade cards at ₹5 each. What is its revenue (in ₹)?
29. 29.A small business sells 43 clay diyas at ₹40 each. What is its revenue (in ₹)?
30. 30.A small business selling jute bags had a revenue of ₹1200 and a profit of ₹570. What were its costs (in ₹)?
31. 31.A small business sells 31 clay diyas at ₹35 each. Its costs are ₹560. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
33. 33.A small business selling fruit cups had a revenue of ₹1560 and a profit of ₹1060. What were its costs (in ₹)?
34. 34.A small business sells 44 cupcakes at ₹45 each. What is its revenue (in ₹)?
35. 35.A small business selling bags of popcorn had a revenue of ₹425 and a profit of ₹65. What were its costs (in ₹)?
36. 36.A small business sells 57 handmade cards at ₹50 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
38. 38.A small business selling handmade cards had a revenue of ₹585 and a profit of ₹295. What were its costs (in ₹)?
39. 39.A small business selling handmade cards had a revenue of ₹840 and a profit of ₹770. What were its costs (in ₹)?
40. 40.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False

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