Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 233 · 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: “one owner runs it” is true of a company. (a) True (b) False
2. 2.A small business selling painted pebbles had a revenue of ₹1800 and a profit of ₹900. What were its costs (in ₹)?
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
4. 4.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) owned by shareholders
5. 5.A small business sells 12 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
6. 6.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
7. 7.A small business selling paper bookmarks had a revenue of ₹615 and a profit of ₹565. What were its costs (in ₹)?
8. 8.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
9. 9.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
10. 10.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
13. 13.A small business selling jute bags had a revenue of ₹2065 and a profit of ₹1065. What were its costs (in ₹)?
14. 14.A small business selling cupcakes had a revenue of ₹2240 and a profit of ₹640. What were its costs (in ₹)?
15. 15.A small business selling bags of popcorn had a revenue of ₹1475 and a profit of ₹1025. What were its costs (in ₹)?
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
18. 18.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
19. 19.A small business sells 29 cupcakes at ₹30 each. What is its revenue (in ₹)?
20. 20.A small business sells 38 handmade cards at ₹30 each. What is its revenue (in ₹)?
21. 21.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
22. 22.True or false: “run by directors” is true of a company. (a) True (b) False
23. 23.True or false: “owned by shareholders” is true of a company. (a) True (b) False
24. 24.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner owes the debts (d) simplest to start
25. 25.A small business sells 51 handmade cards at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
26. 26.A small business sells 54 fruit cups at ₹35 each. Its costs are ₹120. What is its profit (in ₹)?
27. 27.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
28. 28.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
29. 29.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) owners’ risk is limited
30. 30.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
31. 31.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
32. 32.A small business selling handmade cards had a revenue of ₹455 and a profit of ₹365. What were its costs (in ₹)?
33. 33.A small business sells 19 bags of popcorn at ₹35 each. Its costs are ₹120. What is its profit (in ₹)?
34. 34.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
35. 35.A small business sells 31 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
36. 36.A small business sells 21 handmade cards at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
37. 37.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
38. 38.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
39. 39.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
40. 40.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) run by directors

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