Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 243 · 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 keeps all profit” is true of a sole trader. (a) True (b) False
2. 2.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
3. 3.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
5. 5.🎂 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
6. 6.A small business sells 15 friendship bands at ₹50 each. What is its revenue (in ₹)?
7. 7.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) run by directors (d) owner keeps all profit
8. 8.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
9. 9.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
10. 10.A small business sells 41 friendship bands at ₹10 each. Its costs are ₹320. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
13. 13.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
14. 14.A small business sells 44 glasses of chai at ₹25 each. What is its revenue (in ₹)?
15. 15.A small business selling paper bookmarks had a revenue of ₹2450 and a profit of ₹630. What were its costs (in ₹)?
16. 16.A small business sells 54 friendship bands at ₹40 each. What is its revenue (in ₹)?
17. 17.A small business selling fruit cups had a revenue of ₹110 and a profit of ₹100. What were its costs (in ₹)?
18. 18.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
20. 20.A small business selling cupcakes had a revenue of ₹1720 and a profit of ₹270. What were its costs (in ₹)?
21. 21.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
22. 22.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
23. 23.A small business sells 56 cupcakes at ₹50 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
25. 25.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
26. 26.A small business selling handmade cards had a revenue of ₹540 and a profit of ₹190. What were its costs (in ₹)?
27. 27.A small business sells 37 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
29. 29.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
30. 30.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
31. 31.A small business selling painted pebbles had a revenue of ₹560 and a profit of ₹30. What were its costs (in ₹)?
32. 32.A small business sells 28 jute bags at ₹20 each. What is its revenue (in ₹)?
33. 33.A small business sells 48 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) simplest to start (d) owned by shareholders
35. 35.A small business sells 45 paper bookmarks at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
36. 36.True or false: “owner owes the debts” is true of a company. (a) True (b) False
37. 37.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
38. 38.A small business selling bags of popcorn had a revenue of ₹675 and a profit of ₹295. What were its costs (in ₹)?
39. 39.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
40. 40.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) one owner runs it

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