Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 174 · 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) yes, no one needed (b) only with adult help (c) never ever (d) only at night
2. 2.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
5. 5.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
6. 6.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
9. 9.True or false: “one owner runs it” is true of a company. (a) True (b) False
10. 10.A small business selling friendship bands had a revenue of ₹1410 and a profit of ₹1080. What were its costs (in ₹)?
11. 11.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
12. 12.A small business sells 20 potted plants at ₹10 each. What is its revenue (in ₹)?
13. 13.A small business selling painted pebbles had a revenue of ₹100 and a profit of ₹90. What were its costs (in ₹)?
14. 14.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) run by directors
15. 15.A small business selling cupcakes had a revenue of ₹300 and a profit of ₹230. What were its costs (in ₹)?
16. 16.A small business sells 13 clay diyas at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
17. 17.A small business sells 32 cups of lemonade at ₹15 each. Its costs are ₹240. What is its profit (in ₹)?
18. 18.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
19. 19.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
21. 21.A small business selling bags of popcorn had a revenue of ₹2295 and a profit of ₹825. What were its costs (in ₹)?
22. 22.A small business sells 52 friendship bands at ₹15 each. What is its revenue (in ₹)?
23. 23.True or false: “owner owes the debts” is true of a company. (a) False (b) True
24. 24.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
25. 25.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
26. 26.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
27. 27.True or false: “a separate legal body” is true of a company. (a) True (b) False
28. 28.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) simplest to start
29. 29.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owners’ risk is limited (d) one owner runs it
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
32. 32.A small business selling handmade cards had a revenue of ₹1950 and a profit of ₹30. What were its costs (in ₹)?
33. 33.A small business sells 18 glasses of chai at ₹5 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
35. 35.A small business selling paper bookmarks had a revenue of ₹420 and a profit of ₹150. What were its costs (in ₹)?
36. 36.A small business sells 33 fruit cups at ₹10 each. What is its revenue (in ₹)?
37. 37.A small business selling potted plants had a revenue of ₹720 and a profit of ₹170. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
39. 39.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
40. 40.A small business selling clay diyas had a revenue of ₹220 and a profit of ₹20. What were its costs (in ₹)?

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