Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 279 · 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 or profit: goes up if costs fall? (a) profit (b) revenue
2. 2.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) a separate legal body
4. 4.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
6. 6.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
7. 7.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
9. 9.A small business selling paper bookmarks had a revenue of ₹560 and a profit of ₹500. What were its costs (in ₹)?
10. 10.A small business sells 36 handmade cards at ₹40 each. What is its revenue (in ₹)?
11. 11.A small business sells 29 friendship bands at ₹10 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
13. 13.A small business sells 44 bags of popcorn at ₹50 each. Its costs are ₹1470. What is its profit (in ₹)?
14. 14.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
15. 15.A small business sells 39 jute bags at ₹5 each. What is its revenue (in ₹)?
16. 16.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
17. 17.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) run by directors (d) owned by shareholders
18. 18.True or false: “owned by shareholders” is true of a company. (a) True (b) False
19. 19.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
20. 20.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
22. 22.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
23. 23.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
24. 24.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
25. 25.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
27. 27.A small business selling glasses of chai had a revenue of ₹1200 and a profit of ₹610. What were its costs (in ₹)?
28. 28.A small business selling handmade cards had a revenue of ₹900 and a profit of ₹460. What were its costs (in ₹)?
29. 29.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
30. 30.A small business sells 22 potted plants at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business sells 46 potted plants at ₹40 each. Its costs are ₹1070. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
33. 33.A small business selling fruit cups had a revenue of ₹200 and a profit of ₹10. What were its costs (in ₹)?
34. 34.A small business selling glasses of chai had a revenue of ₹550 and a profit of ₹260. What were its costs (in ₹)?
35. 35.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
36. 36.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
37. 37.A small business sells 22 jute bags at ₹5 each. What is its revenue (in ₹)?
38. 38.A small business sells 15 cupcakes at ₹40 each. Its costs are ₹40. What is its profit (in ₹)?
39. 39.A small business sells 10 bags of popcorn at ₹30 each. Its costs are ₹30. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company

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