Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 193 · 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) owner owes the debts (b) run by directors (c) one owner runs it (d) simplest to start
2. 2.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
3. 3.A small business sells 60 glasses of chai at ₹30 each. What is its revenue (in ₹)?
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) one owner runs it (d) owner keeps all profit
7. 7.A small business sells 57 fruit cups at ₹50 each. What is its revenue (in ₹)?
8. 8.A small business sells 47 potted plants at ₹30 each. What is its revenue (in ₹)?
9. 9.A small business selling cupcakes had a revenue of ₹320 and a profit of ₹270. What were its costs (in ₹)?
10. 10.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner owes the debts
11. 11.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
12. 12.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a bank (d) a big company
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
14. 14.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
16. 16.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
17. 17.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
18. 18.True or false: “one owner runs it” is true of a company. (a) False (b) True
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner keeps all profit (d) run by directors
20. 20.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
21. 21.A small business sells 13 cups of lemonade at ₹45 each. Its costs are ₹260. What is its profit (in ₹)?
22. 22.A small business sells 60 clay diyas at ₹15 each. What is its revenue (in ₹)?
23. 23.A small business sells 35 handmade cards at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owned by shareholders (d) simplest to start
25. 25.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
26. 26.A small business sells 32 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
28. 28.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
29. 29.True or false: “a separate legal body” is true of a company. (a) False (b) True
30. 30.A small business sells 55 potted plants at ₹35 each. What is its revenue (in ₹)?
31. 31.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
32. 32.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
33. 33.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
34. 34.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
35. 35.True or false: “owner owes the debts” is true of a company. (a) False (b) True
36. 36.A small business sells 34 glasses of chai at ₹45 each. What is its revenue (in ₹)?
37. 37.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
38. 38.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
39. 39.A small business selling friendship bands had a revenue of ₹230 and a profit of ₹100. What were its costs (in ₹)?
40. 40.A small business sells 35 glasses of chai at ₹25 each. Its costs are ₹140. What is its profit (in ₹)?

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