Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 104 · 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 or profit: goes up if costs fall? (a) profit (b) revenue
2. 2.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner owes the debts (d) simplest to start
3. 3.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
4. 4.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) simplest to start (d) owned by shareholders
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
7. 7.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
8. 8.True or false: “run by directors” is true of a sole trader. (a) True (b) False
9. 9.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
10. 10.A small business sells 32 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
11. 11.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
12. 12.A small business selling paper bookmarks had a revenue of ₹875 and a profit of ₹465. What were its costs (in ₹)?
13. 13.A small business sells 48 painted pebbles at ₹5 each. What is its revenue (in ₹)?
14. 14.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.A small business sells 57 cupcakes at ₹50 each. Its costs are ₹1310. What is its profit (in ₹)?
17. 17.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
18. 18.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
19. 19.A small business sells 59 cupcakes at ₹5 each. Its costs are ₹200. What is its profit (in ₹)?
20. 20.True or false: “a separate legal body” is true of a company. (a) False (b) True
21. 21.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) a separate legal body
22. 22.A small business selling friendship bands had a revenue of ₹720 and a profit of ₹400. What were its costs (in ₹)?
23. 23.A small business sells 14 cupcakes at ₹35 each. What is its revenue (in ₹)?
24. 24.A small business sells 58 clay diyas at ₹30 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
26. 26.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
27. 27.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owned by shareholders (d) simplest to start
28. 28.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
29. 29.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) owners’ risk is limited
30. 30.A small business sells 41 fruit cups at ₹45 each. Its costs are ₹20. What is its profit (in ₹)?
31. 31.A small business sells 11 jute bags at ₹15 each. What is its revenue (in ₹)?
32. 32.A small business selling glasses of chai had a revenue of ₹735 and a profit of ₹165. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
34. 34.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
35. 35.A small business selling handmade cards had a revenue of ₹2300 and a profit of ₹2170. What were its costs (in ₹)?
36. 36.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
37. 37.True or false: “owned by shareholders” is true of a company. (a) False (b) True
38. 38.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
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
40. 40.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue

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