Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 393 · 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.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
3. 3.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner owes the debts (d) one owner runs it
4. 4.📊 Revenue minus costs equals… (a) price (b) revenue (c) profit (d) stock
5. 5.A small business sells 16 clay diyas at ₹5 each. What is its revenue (in ₹)?
6. 6.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
7. 7.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
8. 8.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) a separate legal body (d) simplest to start
9. 9.A small business selling fruit cups had a revenue of ₹330 and a profit of ₹40. What were its costs (in ₹)?
10. 10.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.A small business sells 23 painted pebbles at ₹5 each. What is its revenue (in ₹)?
13. 13.True or false: “owned by shareholders” is true of a company. (a) False (b) True
14. 14.A small business selling friendship bands had a revenue of ₹270 and a profit of ₹210. What were its costs (in ₹)?
15. 15.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
16. 16.A small business sells 30 glasses of chai at ₹15 each. What is its revenue (in ₹)?
17. 17.A small business sells 33 potted plants at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
18. 18.True or false: “a separate legal body” is true of a company. (a) False (b) True
19. 19.A small business sells 55 fruit cups at ₹15 each. What is its revenue (in ₹)?
20. 20.A small business sells 10 clay diyas at ₹40 each. What is its revenue (in ₹)?
21. 21.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
22. 22.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) owner keeps all profit (d) owner owes the debts
23. 23.A small business selling handmade cards had a revenue of ₹120 and a profit of ₹40. What were its costs (in ₹)?
24. 24.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
25. 25.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
26. 26.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) owned by shareholders
27. 27.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) one owner runs it
28. 28.A small business sells 42 cups of lemonade at ₹5 each. What is its revenue (in ₹)?
29. 29.True or false: “simplest to start” is true of a company. (a) False (b) True
30. 30.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
31. 31.True or false: “run by directors” is true of a sole trader. (a) False (b) True
32. 32.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
33. 33.A small business selling jute bags had a revenue of ₹315 and a profit of ₹295. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
35. 35.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
36. 36.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
37. 37.True or false: “run by directors” is true of a company. (a) True (b) False
38. 38.A small business sells 12 cupcakes at ₹50 each. What is its revenue (in ₹)?
39. 39.A small business sells 41 painted pebbles at ₹40 each. What is its revenue (in ₹)?
40. 40.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed

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