Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 247 · 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.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
2. 2.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owners’ risk is limited (d) owned by shareholders
3. 3.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner owes the debts
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) simplest to start (d) a separate legal body
6. 6.A small business sells 35 painted pebbles at ₹5 each. Its costs are ₹130. What is its profit (in ₹)?
7. 7.A small business sells 38 handmade cards at ₹5 each. What is its revenue (in ₹)?
8. 8.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
9. 9.A small business selling bags of popcorn had a revenue of ₹300 and a profit of ₹140. What were its costs (in ₹)?
10. 10.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
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
13. 13.A small business selling cups of lemonade had a revenue of ₹100 and a profit of ₹20. What were its costs (in ₹)?
14. 14.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
16. 16.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
17. 17.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
18. 18.📜 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
19. 19.A small business sells 33 friendship bands at ₹40 each. Its costs are ₹390. What is its profit (in ₹)?
20. 20.True or false: “one owner runs it” is true of a company. (a) False (b) True
21. 21.A small business sells 46 clay diyas at ₹15 each. What is its revenue (in ₹)?
22. 22.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
23. 23.A small business sells 48 paper bookmarks at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
24. 24.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
25. 25.True or false: “simplest to start” is true of a company. (a) False (b) True
26. 26.A small business sells 49 handmade cards at ₹40 each. What is its revenue (in ₹)?
27. 27.A small business sells 11 clay diyas at ₹15 each. What is its revenue (in ₹)?
28. 28.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
29. 29.A small business sells 17 cups of lemonade at ₹45 each. Its costs are ₹720. What is its profit (in ₹)?
30. 30.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
31. 31.A small business selling cups of lemonade had a revenue of ₹600 and a profit of ₹530. What were its costs (in ₹)?
32. 32.A small business sells 24 clay diyas at ₹25 each. Its costs are ₹330. What is its profit (in ₹)?
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) simplest to start (d) owner keeps all profit
35. 35.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
36. 36.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
37. 37.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
38. 38.A small business sells 19 painted pebbles at ₹15 each. Its costs are ₹230. What is its profit (in ₹)?
39. 39.A small business sells 22 fruit cups at ₹45 each. What is its revenue (in ₹)?
40. 40.True or false: “run by directors” is true of a sole trader. (a) False (b) True

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