Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 226 · 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.True or false: “owner owes the debts” is true of a company. (a) False (b) True
2. 2.🎂 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
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.A small business sells 31 friendship bands at ₹20 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) simplest to start
6. 6.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
11. 11.A small business sells 55 cups of lemonade at ₹45 each. Its costs are ₹1440. What is its profit (in ₹)?
12. 12.True or false: “one owner runs it” is true of a company. (a) False (b) True
13. 13.A small business sells 23 jute bags at ₹5 each. What is its revenue (in ₹)?
14. 14.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
15. 15.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
16. 16.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
17. 17.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
18. 18.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
19. 19.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
20. 20.A small business selling handmade cards had a revenue of ₹1140 and a profit of ₹810. What were its costs (in ₹)?
21. 21.A small business selling glasses of chai had a revenue of ₹65 and a profit of ₹45. What were its costs (in ₹)?
22. 22.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
23. 23.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
24. 24.A small business sells 27 friendship bands at ₹40 each. Its costs are ₹80. What is its profit (in ₹)?
25. 25.A small business sells 43 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
26. 26.A small business sells 23 glasses of chai at ₹20 each. Its costs are ₹100. What is its profit (in ₹)?
27. 27.A small business sells 40 friendship bands at ₹45 each. Its costs are ₹750. What is its profit (in ₹)?
28. 28.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
29. 29.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
31. 31.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) run by directors (d) a separate legal body
32. 32.A small business sells 19 cupcakes at ₹5 each. What is its revenue (in ₹)?
33. 33.A small business selling handmade cards had a revenue of ₹215 and a profit of ₹55. What were its costs (in ₹)?
34. 34.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
35. 35.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
36. 36.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) owned by shareholders (d) run by directors
37. 37.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
38. 38.A small business selling bags of popcorn had a revenue of ₹540 and a profit of ₹440. What were its costs (in ₹)?
39. 39.A small business selling handmade cards had a revenue of ₹280 and a profit of ₹20. What were its costs (in ₹)?
40. 40.A small business sells 22 cups of lemonade at ₹25 each. What is its revenue (in ₹)?

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