Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 365 · 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.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
2. 2.True or false: “simplest to start” is true of a company. (a) True (b) False
3. 3.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
4. 4.A small business sells 60 fruit cups at ₹5 each. What is its revenue (in ₹)?
5. 5.A small business sells 15 friendship bands at ₹45 each. What is its revenue (in ₹)?
6. 6.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
7. 7.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
8. 8.A small business selling painted pebbles had a revenue of ₹1845 and a profit of ₹455. What were its costs (in ₹)?
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owned by shareholders (d) one owner runs it
10. 10.A small business sells 18 cupcakes at ₹45 each. Its costs are ₹670. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
12. 12.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.A small business selling paper bookmarks had a revenue of ₹590 and a profit of ₹310. What were its costs (in ₹)?
16. 16.A small business sells 59 cupcakes at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
17. 17.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner keeps all profit (d) simplest to start
18. 18.True or false: “run by directors” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 46 painted pebbles at ₹45 each. What is its revenue (in ₹)?
20. 20.A small business selling potted plants had a revenue of ₹1680 and a profit of ₹100. What were its costs (in ₹)?
21. 21.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) one owner runs it
22. 22.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owned by shareholders (d) owners’ risk is limited
23. 23.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
24. 24.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.A small business selling jute bags had a revenue of ₹195 and a profit of ₹155. What were its costs (in ₹)?
27. 27.A small business sells 39 potted plants at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
28. 28.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
29. 29.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
32. 32.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
33. 33.A small business sells 41 potted plants at ₹35 each. Its costs are ₹20. What is its profit (in ₹)?
34. 34.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
35. 35.A small business selling friendship bands had a revenue of ₹1575 and a profit of ₹295. What were its costs (in ₹)?
36. 36.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
37. 37.A small business selling handmade cards had a revenue of ₹220 and a profit of ₹160. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
39. 39.A small business selling handmade cards had a revenue of ₹455 and a profit of ₹185. What were its costs (in ₹)?
40. 40.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) run by directors

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