Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 191 · 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 company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) a separate legal body
2. 2.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
3. 3.True or false: “a separate legal body” is true of a company. (a) False (b) True
4. 4.A small business selling cups of lemonade had a revenue of ₹900 and a profit of ₹410. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
7. 7.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
8. 8.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
9. 9.A small business sells 42 potted plants at ₹40 each. Its costs are ₹710. What is its profit (in ₹)?
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
11. 11.True or false: “run by directors” is true of a sole trader. (a) True (b) False
12. 12.A small business selling cupcakes had a revenue of ₹295 and a profit of ₹125. What were its costs (in ₹)?
13. 13.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
14. 14.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
15. 15.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
16. 16.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
17. 17.A small business selling clay diyas had a revenue of ₹1150 and a profit of ₹1010. What were its costs (in ₹)?
18. 18.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
19. 19.A small business sells 47 clay diyas at ₹15 each. What is its revenue (in ₹)?
20. 20.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
22. 22.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
23. 23.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner keeps all profit (d) owner owes the debts
24. 24.A small business sells 16 painted pebbles at ₹45 each. What is its revenue (in ₹)?
25. 25.True or false: “one owner runs it” is true of a company. (a) True (b) False
26. 26.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
27. 27.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
29. 29.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
31. 31.A small business sells 54 paper bookmarks at ₹30 each. Its costs are ₹510. What is its profit (in ₹)?
32. 32.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) run by directors (d) a separate legal body
33. 33.A small business sells 49 fruit cups at ₹30 each. What is its revenue (in ₹)?
34. 34.True or false: “owner owes the debts” is true of a company. (a) True (b) False
35. 35.A small business sells 45 clay diyas at ₹45 each. Its costs are ₹860. What is its profit (in ₹)?
36. 36.A small business sells 12 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
37. 37.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) owners’ risk is limited
38. 38.True or false: “owned by shareholders” is true of a company. (a) False (b) True
39. 39.A small business sells 16 painted pebbles at ₹40 each. Its costs are ₹160. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader

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