Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 349 · 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) the government always (c) its suppliers (d) its customers
2. 2.A small business sells 29 friendship bands at ₹25 each. What is its revenue (in ₹)?
3. 3.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
4. 4.A small business selling handmade cards had a revenue of ₹550 and a profit of ₹320. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) owners’ risk is limited
6. 6.A small business sells 55 potted plants at ₹15 each. What is its revenue (in ₹)?
7. 7.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
8. 8.A small business selling friendship bands had a revenue of ₹430 and a profit of ₹370. What were its costs (in ₹)?
9. 9.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) owners’ risk is limited
10. 10.A small business sells 24 handmade cards at ₹45 each. What is its revenue (in ₹)?
11. 11.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
12. 12.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
13. 13.True or false: “run by directors” is true of a sole trader. (a) True (b) False
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
18. 18.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
19. 19.A small business sells 50 jute bags at ₹40 each. What is its revenue (in ₹)?
20. 20.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
21. 21.A small business sells 40 glasses of chai at ₹5 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
23. 23.🏢 Sole trader or company: owners’ risk is limited? (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: simplest to start? (a) a company (b) a sole trader
26. 26.A small business selling jute bags had a revenue of ₹2800 and a profit of ₹1130. What were its costs (in ₹)?
27. 27.A small business sells 53 glasses of chai at ₹40 each. What is its revenue (in ₹)?
28. 28.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) run by directors
29. 29.A small business sells 23 fruit cups at ₹40 each. What is its revenue (in ₹)?
30. 30.A small business selling cupcakes had a revenue of ₹850 and a profit of ₹360. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
32. 32.A small business sells 41 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
33. 33.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
34. 34.A small business sells 37 handmade cards at ₹20 each. Its costs are ₹690. What is its profit (in ₹)?
35. 35.True or false: “owner owes the debts” is true of a company. (a) True (b) False
36. 36.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) run by directors
37. 37.A small business selling potted plants had a revenue of ₹120 and a profit of ₹110. What were its costs (in ₹)?
38. 38.A small business sells 56 potted plants at ₹25 each. What is its revenue (in ₹)?
39. 39.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 25 fruit cups at ₹50 each. What is its revenue (in ₹)?

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