Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 203 · 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) a separate legal body (b) one owner runs it (c) owner keeps all profit (d) simplest to start
2. 2.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
3. 3.A small business selling handmade cards had a revenue of ₹760 and a profit of ₹670. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
5. 5.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
7. 7.A small business sells 18 painted pebbles at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
8. 8.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
9. 9.A small business sells 21 painted pebbles at ₹5 each. What is its revenue (in ₹)?
10. 10.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
11. 11.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) run by directors
13. 13.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
14. 14.A small business sells 36 cupcakes at ₹40 each. What is its revenue (in ₹)?
15. 15.A small business sells 50 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
16. 16.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
17. 17.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owned by shareholders (d) one owner runs it
18. 18.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
19. 19.True or false: “simplest to start” is true of a company. (a) False (b) True
20. 20.A small business sells 20 glasses of chai at ₹20 each. What is its revenue (in ₹)?
21. 21.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
22. 22.A small business selling handmade cards had a revenue of ₹1125 and a profit of ₹155. What were its costs (in ₹)?
23. 23.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
24. 24.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
25. 25.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
26. 26.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
27. 27.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
28. 28.A small business sells 41 cupcakes at ₹20 each. What is its revenue (in ₹)?
29. 29.A small business sells 53 cups of lemonade at ₹40 each. Its costs are ₹420. What is its profit (in ₹)?
30. 30.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
31. 31.True or false: “owner owes the debts” is true of a company. (a) False (b) True
32. 32.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owners’ risk is limited (d) owner owes the debts
33. 33.A small business sells 31 handmade cards at ₹40 each. Its costs are ₹830. What is its profit (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
35. 35.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
36. 36.A small business sells 15 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
37. 37.A small business sells 55 handmade cards at ₹15 each. What is its revenue (in ₹)?
38. 38.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
39. 39.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
40. 40.A small business sells 19 friendship bands at ₹20 each. What is its revenue (in ₹)?

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