Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 972 · 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: a separate legal body? (a) a company (b) a sole trader
2. 2.True or false: “simplest to start” is true of a company. (a) False (b) True
3. 3.True or false: “owned by shareholders” is true of a company. (a) True (b) False
4. 4.A small business selling cups of lemonade had a revenue of ₹1050 and a profit of ₹390. What were its costs (in ₹)?
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
7. 7.A small business selling fruit cups had a revenue of ₹570 and a profit of ₹530. What were its costs (in ₹)?
8. 8.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
9. 9.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
10. 10.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) run by directors
11. 11.A small business selling handmade cards had a revenue of ₹750 and a profit of ₹730. What were its costs (in ₹)?
12. 12.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
13. 13.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
14. 14.A small business sells 16 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
16. 16.A small business sells 34 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
19. 19.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) simplest to start (d) owner keeps all profit
20. 20.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
21. 21.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) owners’ risk is limited
22. 22.True or false: “owner owes the debts” is true of a company. (a) True (b) False
23. 23.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
24. 24.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
25. 25.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
26. 26.A small business selling clay diyas had a revenue of ₹1950 and a profit of ₹980. What were its costs (in ₹)?
27. 27.A small business selling fruit cups had a revenue of ₹560 and a profit of ₹340. What were its costs (in ₹)?
28. 28.A small business sells 32 cups of lemonade at ₹50 each. Its costs are ₹30. What is its profit (in ₹)?
29. 29.A small business sells 18 fruit cups at ₹5 each. What is its revenue (in ₹)?
30. 30.A small business sells 25 glasses of chai at ₹50 each. What is its revenue (in ₹)?
31. 31.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
32. 32.A small business sells 49 cupcakes at ₹45 each. What is its revenue (in ₹)?
33. 33.A small business sells 41 bags of popcorn at ₹50 each. Its costs are ₹520. What is its profit (in ₹)?
34. 34.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
35. 35.True or false: “a separate legal body” is true of a company. (a) True (b) False
36. 36.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner owes the debts (d) owner keeps all profit
37. 37.A small business sells 39 handmade cards at ₹10 each. What is its revenue (in ₹)?
38. 38.A small business selling handmade cards had a revenue of ₹1025 and a profit of ₹875. What were its costs (in ₹)?
39. 39.A small business sells 16 cups of lemonade at ₹40 each. Its costs are ₹510. What is its profit (in ₹)?
40. 40.A small business selling friendship bands had a revenue of ₹1410 and a profit of ₹720. What were its costs (in ₹)?

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