Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 315 · 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.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
2. 2.A small business sells 21 fruit cups at ₹20 each. Its costs are ₹170. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
4. 4.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
5. 5.A small business sells 10 cupcakes at ₹5 each. What is its revenue (in ₹)?
6. 6.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
7. 7.A small business sells 25 friendship bands at ₹25 each. Its costs are ₹180. What is its profit (in ₹)?
8. 8.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) run by directors
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) a separate legal body
11. 11.Which of these is true of a company? (a) simplest to start (b) owned by shareholders (c) owner keeps all profit (d) owner owes the debts
12. 12.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
15. 15.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
16. 16.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) simplest to start (d) owner keeps all profit
17. 17.A small business sells 23 cupcakes at ₹25 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
19. 19.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
20. 20.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
21. 21.A small business sells 42 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
22. 22.A small business sells 22 friendship bands at ₹45 each. What is its revenue (in ₹)?
23. 23.A small business selling cups of lemonade had a revenue of ₹560 and a profit of ₹130. What were its costs (in ₹)?
24. 24.A small business sells 41 cups of lemonade at ₹35 each. Its costs are ₹850. What is its profit (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) one owner runs it
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) owners’ risk is limited
27. 27.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
28. 28.A small business selling cups of lemonade had a revenue of ₹900 and a profit of ₹440. What were its costs (in ₹)?
29. 29.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
30. 30.A small business sells 45 cupcakes at ₹50 each. What is its revenue (in ₹)?
31. 31.A small business selling painted pebbles had a revenue of ₹930 and a profit of ₹900. What were its costs (in ₹)?
32. 32.A small business selling cups of lemonade had a revenue of ₹185 and a profit of ₹35. What were its costs (in ₹)?
33. 33.A small business sells 35 jute bags at ₹10 each. Its costs are ₹170. What is its profit (in ₹)?
34. 34.A small business sells 57 jute bags at ₹10 each. What is its revenue (in ₹)?
35. 35.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
36. 36.True or false: “run by directors” is true of a company. (a) True (b) False
37. 37.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
39. 39.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
40. 40.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed

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