Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 167 · 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.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
2. 2.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
3. 3.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
4. 4.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
5. 5.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
6. 6.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.True or false: “owner owes the debts” is true of a company. (a) True (b) False
9. 9.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
10. 10.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
11. 11.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner owes the debts
12. 12.A small business sells 34 handmade cards at ₹35 each. Its costs are ₹400. What is its profit (in ₹)?
13. 13.True or false: “a separate legal body” is true of a company. (a) True (b) False
14. 14.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
15. 15.A small business sells 23 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
18. 18.A small business sells 10 fruit cups at ₹50 each. Its costs are ₹490. What is its profit (in ₹)?
19. 19.A small business sells 38 jute bags at ₹10 each. Its costs are ₹200. What is its profit (in ₹)?
20. 20.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) simplest to start (d) one owner runs it
21. 21.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
22. 22.A small business selling friendship bands had a revenue of ₹1500 and a profit of ₹1100. What were its costs (in ₹)?
23. 23.A small business selling bags of popcorn had a revenue of ₹330 and a profit of ₹260. What were its costs (in ₹)?
24. 24.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
25. 25.True or false: “owned by shareholders” is true of a company. (a) False (b) True
26. 26.A small business selling cups of lemonade had a revenue of ₹275 and a profit of ₹115. What were its costs (in ₹)?
27. 27.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
28. 28.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
29. 29.A small business sells 26 clay diyas at ₹25 each. What is its revenue (in ₹)?
30. 30.True or false: “one owner runs it” is true of a company. (a) True (b) False
31. 31.A small business sells 58 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
32. 32.A small business sells 10 glasses of chai at ₹10 each. What is its revenue (in ₹)?
33. 33.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) simplest to start (d) owner keeps all profit
34. 34.A small business sells 48 friendship bands at ₹25 each. Its costs are ₹590. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
36. 36.A small business sells 10 cups of lemonade at ₹50 each. Its costs are ₹150. What is its profit (in ₹)?
37. 37.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
38. 38.A small business selling paper bookmarks had a revenue of ₹180 and a profit of ₹40. What were its costs (in ₹)?
39. 39.A small business selling glasses of chai had a revenue of ₹360 and a profit of ₹90. What were its costs (in ₹)?
40. 40.A small business sells 37 cupcakes at ₹45 each. Its costs are ₹40. What is its profit (in ₹)?

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