Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 179 · 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.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owned by shareholders (d) run by directors
2. 2.A small business sells 20 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
3. 3.A small business selling fruit cups had a revenue of ₹1680 and a profit of ₹1080. What were its costs (in ₹)?
4. 4.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
5. 5.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) one owner runs it
7. 7.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
8. 8.A small business sells 23 friendship bands at ₹20 each. What is its revenue (in ₹)?
9. 9.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
10. 10.A small business sells 41 cupcakes at ₹40 each. Its costs are ₹460. What is its profit (in ₹)?
11. 11.A small business sells 15 jute bags at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
12. 12.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
13. 13.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
14. 14.A small business sells 28 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) owned by shareholders (d) run by directors
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
17. 17.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
18. 18.A small business selling cupcakes had a revenue of ₹400 and a profit of ₹170. What were its costs (in ₹)?
19. 19.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) a separate legal body
20. 20.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
21. 21.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner owes the debts
22. 22.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
23. 23.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
24. 24.A small business sells 50 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
25. 25.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
26. 26.A small business selling paper bookmarks had a revenue of ₹1190 and a profit of ₹990. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.A small business sells 28 glasses of chai at ₹40 each. Its costs are ₹700. What is its profit (in ₹)?
29. 29.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
30. 30.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
31. 31.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
32. 32.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) owner owes the debts (d) simplest to start
33. 33.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
34. 34.A small business selling cups of lemonade had a revenue of ₹1080 and a profit of ₹290. What were its costs (in ₹)?
35. 35.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
36. 36.A small business selling jute bags had a revenue of ₹810 and a profit of ₹420. What were its costs (in ₹)?
37. 37.A small business selling bags of popcorn had a revenue of ₹1840 and a profit of ₹100. What were its costs (in ₹)?
38. 38.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
39. 39.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
40. 40.A small business sells 29 painted pebbles at ₹5 each. What is its revenue (in ₹)?

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