Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 385 · 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.True or false: “owner owes the debts” is true of a company. (a) False (b) True
2. 2.True or false: “run by directors” is true of a company. (a) False (b) True
3. 3.A small business selling cupcakes had a revenue of ₹295 and a profit of ₹25. What were its costs (in ₹)?
4. 4.A small business sells 25 friendship bands at ₹20 each. What is its revenue (in ₹)?
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner keeps all profit (d) one owner runs it
7. 7.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
8. 8.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
9. 9.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
10. 10.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
11. 11.A small business sells 56 jute bags at ₹45 each. Its costs are ₹1870. What is its profit (in ₹)?
12. 12.A small business sells 50 bags of popcorn at ₹30 each. Its costs are ₹380. What is its profit (in ₹)?
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) run by directors
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.A small business selling glasses of chai had a revenue of ₹170 and a profit of ₹130. What were its costs (in ₹)?
16. 16.A small business sells 31 cups of lemonade at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
17. 17.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
18. 18.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) owners’ risk is limited
19. 19.A small business selling friendship bands had a revenue of ₹700 and a profit of ₹90. What were its costs (in ₹)?
20. 20.A small business selling cups of lemonade had a revenue of ₹1040 and a profit of ₹280. What were its costs (in ₹)?
21. 21.A small business selling paper bookmarks had a revenue of ₹560 and a profit of ₹130. What were its costs (in ₹)?
22. 22.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
23. 23.A small business sells 23 bags of popcorn at ₹40 each. Its costs are ₹180. What is its profit (in ₹)?
24. 24.A small business sells 26 potted plants at ₹40 each. What is its revenue (in ₹)?
25. 25.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
26. 26.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
27. 27.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
28. 28.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner keeps all profit
29. 29.A small business selling cups of lemonade had a revenue of ₹1440 and a profit of ₹1140. What were its costs (in ₹)?
30. 30.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owned by shareholders
31. 31.True or false: “simplest to start” is true of a company. (a) True (b) False
32. 32.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
33. 33.A small business sells 45 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
34. 34.A small business selling paper bookmarks had a revenue of ₹60 and a profit of ₹10. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
38. 38.A small business sells 14 paper bookmarks at ₹40 each. Its costs are ₹510. What is its profit (in ₹)?
39. 39.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
40. 40.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owned by shareholders (d) run by directors

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