Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 224 · 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.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
2. 2.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) run by directors
4. 4.A small business sells 22 cupcakes at ₹15 each. What is its revenue (in ₹)?
5. 5.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
6. 6.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
7. 7.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
8. 8.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
9. 9.A small business selling potted plants had a revenue of ₹1190 and a profit of ₹770. What were its costs (in ₹)?
10. 10.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
11. 11.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) one owner runs it (d) owner owes the debts
12. 12.A small business sells 18 jute bags at ₹10 each. Its costs are ₹150. What is its profit (in ₹)?
13. 13.A small business sells 58 fruit cups at ₹5 each. What is its revenue (in ₹)?
14. 14.A small business sells 44 paper bookmarks at ₹35 each. Its costs are ₹1420. What is its profit (in ₹)?
15. 15.A small business sells 21 paper bookmarks at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
16. 16.A small business sells 30 fruit cups at ₹10 each. Its costs are ₹220. What is its profit (in ₹)?
17. 17.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
18. 18.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) one owner runs it (d) owners’ risk is limited
19. 19.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
20. 20.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
21. 21.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
22. 22.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
24. 24.A small business sells 16 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
26. 26.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) simplest to start (d) owner owes the debts
27. 27.A small business selling bags of popcorn had a revenue of ₹675 and a profit of ₹275. What were its costs (in ₹)?
28. 28.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
29. 29.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
30. 30.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
31. 31.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
32. 32.A small business selling friendship bands had a revenue of ₹150 and a profit of ₹60. What were its costs (in ₹)?
33. 33.A small business selling fruit cups had a revenue of ₹1890 and a profit of ₹980. What were its costs (in ₹)?
34. 34.True or false: “run by directors” is true of a sole trader. (a) True (b) False
35. 35.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
36. 36.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) owner owes the debts (d) simplest to start
37. 37.True or false: “run by directors” is true of a company. (a) True (b) False
38. 38.A small business sells 36 handmade cards at ₹5 each. What is its revenue (in ₹)?
39. 39.A small business sells 17 paper bookmarks at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
40. 40.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) one owner runs it

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