Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 187 · 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.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
2. 2.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) a separate legal body
3. 3.A small business sells 58 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
4. 4.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
5. 5.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
6. 6.A small business sells 33 clay diyas at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
7. 7.🎂 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
8. 8.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
10. 10.A small business selling paper bookmarks had a revenue of ₹510 and a profit of ₹380. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
12. 12.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
13. 13.A small business selling bags of popcorn had a revenue of ₹840 and a profit of ₹340. What were its costs (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
16. 16.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
17. 17.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) owners’ risk is limited
18. 18.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
19. 19.A small business selling paper bookmarks had a revenue of ₹465 and a profit of ₹195. What were its costs (in ₹)?
20. 20.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) owner keeps all profit (d) one owner runs it
21. 21.True or false: “owned by shareholders” is true of a company. (a) True (b) False
22. 22.A small business sells 44 cups of lemonade at ₹45 each. Its costs are ₹1740. What is its profit (in ₹)?
23. 23.A small business sells 49 potted plants at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
24. 24.A small business sells 44 friendship bands at ₹50 each. What is its revenue (in ₹)?
25. 25.True or false: “simplest to start” is true of a company. (a) False (b) True
26. 26.A small business selling jute bags had a revenue of ₹165 and a profit of ₹55. What were its costs (in ₹)?
27. 27.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
28. 28.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
29. 29.A small business sells 43 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
30. 30.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
31. 31.A small business sells 19 cups of lemonade at ₹50 each. Its costs are ₹80. What is its profit (in ₹)?
32. 32.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) owned by shareholders
33. 33.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
34. 34.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
35. 35.A small business selling potted plants had a revenue of ₹360 and a profit of ₹180. What were its costs (in ₹)?
36. 36.A small business selling potted plants had a revenue of ₹1085 and a profit of ₹25. What were its costs (in ₹)?
37. 37.True or false: “owner owes the debts” is true of a company. (a) False (b) True
38. 38.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
39. 39.A small business selling jute bags had a revenue of ₹900 and a profit of ₹850. What were its costs (in ₹)?
40. 40.A small business sells 32 bags of popcorn at ₹50 each. What is its revenue (in ₹)?

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