Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 331 · 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.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
2. 2.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit
3. 3.A small business selling cupcakes had a revenue of ₹600 and a profit of ₹520. What were its costs (in ₹)?
4. 4.A small business sells 60 potted plants at ₹45 each. Its costs are ₹2300. What is its profit (in ₹)?
5. 5.A small business selling handmade cards had a revenue of ₹700 and a profit of ₹270. What were its costs (in ₹)?
6. 6.A small business sells 35 jute bags at ₹35 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
8. 8.A small business sells 32 friendship bands at ₹45 each. What is its revenue (in ₹)?
9. 9.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
10. 10.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner owes the debts
13. 13.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
14. 14.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
16. 16.A small business sells 54 painted pebbles at ₹15 each. What is its revenue (in ₹)?
17. 17.A small business selling friendship bands had a revenue of ₹130 and a profit of ₹90. What were its costs (in ₹)?
18. 18.True or false: “owned by shareholders” is true of a company. (a) False (b) True
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
20. 20.A small business sells 21 glasses of chai at ₹35 each. Its costs are ₹10. What is its profit (in ₹)?
21. 21.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
22. 22.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owned by shareholders
23. 23.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
24. 24.A small business selling handmade cards had a revenue of ₹220 and a profit of ₹200. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
27. 27.A small business sells 25 handmade cards at ₹15 each. What is its revenue (in ₹)?
28. 28.A small business sells 27 potted plants at ₹25 each. What is its revenue (in ₹)?
29. 29.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
30. 30.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
31. 31.True or false: “owner owes the debts” is true of a company. (a) True (b) False
32. 32.A small business sells 42 cupcakes at ₹20 each. Its costs are ₹100. What is its profit (in ₹)?
33. 33.A small business sells 52 friendship bands at ₹10 each. Its costs are ₹350. What is its profit (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) run by directors
35. 35.A small business sells 45 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
36. 36.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
38. 38.A small business sells 59 clay diyas at ₹25 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner owes the debts (d) owner keeps all profit
40. 40.📊 Revenue or profit: money in before costs? (a) profit (b) revenue

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