Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 997 · 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 minus costs equals… (a) price (b) stock (c) revenue (d) profit
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
4. 4.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
5. 5.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
6. 6.A small business sells 26 handmade cards at ₹35 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) run by directors (d) one owner runs it
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
9. 9.A small business sells 15 clay diyas at ₹45 each. What is its revenue (in ₹)?
10. 10.A small business selling painted pebbles had a revenue of ₹210 and a profit of ₹70. What were its costs (in ₹)?
11. 11.A small business sells 15 paper bookmarks at ₹40 each. Its costs are ₹110. What is its profit (in ₹)?
12. 12.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owners’ risk is limited
13. 13.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
14. 14.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
15. 15.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
16. 16.A small business sells 20 friendship bands at ₹40 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
18. 18.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
19. 19.True or false: “simplest to start” is true of a company. (a) False (b) True
20. 20.A small business selling bags of popcorn had a revenue of ₹880 and a profit of ₹530. What were its costs (in ₹)?
21. 21.True or false: “run by directors” is true of a company. (a) False (b) True
22. 22.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
23. 23.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
24. 24.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
25. 25.A small business sells 22 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
26. 26.True or false: “owned by shareholders” is true of a company. (a) True (b) False
27. 27.A small business sells 25 cupcakes at ₹45 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts
29. 29.A small business sells 56 jute bags at ₹45 each. Its costs are ₹2490. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
32. 32.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
33. 33.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
34. 34.A small business selling paper bookmarks had a revenue of ₹435 and a profit of ₹155. What were its costs (in ₹)?
35. 35.True or false: “one owner runs it” is true of a company. (a) False (b) True
36. 36.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
37. 37.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
38. 38.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
39. 39.A small business sells 14 fruit cups at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a company. (a) True (b) False

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