Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 408 · 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 company? (a) owners’ risk is limited (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
2. 2.A small business selling potted plants had a revenue of ₹495 and a profit of ₹295. What were its costs (in ₹)?
3. 3.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) owned by shareholders
4. 4.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
5. 5.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
6. 6.A small business sells 45 fruit cups at ₹15 each. Its costs are ₹570. What is its profit (in ₹)?
7. 7.A small business sells 20 potted plants at ₹20 each. What is its revenue (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) owned by shareholders (d) run by directors
9. 9.A small business selling potted plants had a revenue of ₹855 and a profit of ₹245. What were its costs (in ₹)?
10. 10.A small business sells 53 fruit cups at ₹15 each. What is its revenue (in ₹)?
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
13. 13.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
14. 14.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
15. 15.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
16. 16.A small business selling potted plants had a revenue of ₹240 and a profit of ₹30. What were its costs (in ₹)?
17. 17.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
18. 18.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
19. 19.A small business selling handmade cards had a revenue of ₹325 and a profit of ₹55. What were its costs (in ₹)?
20. 20.A small business selling handmade cards had a revenue of ₹850 and a profit of ₹570. What were its costs (in ₹)?
21. 21.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) one owner runs it (d) owners’ risk is limited
23. 23.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
24. 24.A small business sells 29 painted pebbles at ₹25 each. Its costs are ₹620. What is its profit (in ₹)?
25. 25.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
26. 26.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
27. 27.A small business sells 11 painted pebbles at ₹20 each. Its costs are ₹70. What is its profit (in ₹)?
28. 28.A small business sells 49 cups of lemonade at ₹40 each. Its costs are ₹1850. What is its profit (in ₹)?
29. 29.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner owes the debts (d) one owner runs it
30. 30.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
32. 32.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
33. 33.True or false: “run by directors” is true of a company. (a) False (b) True
34. 34.A small business selling handmade cards had a revenue of ₹1530 and a profit of ₹130. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
36. 36.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body
37. 37.A small business selling bags of popcorn had a revenue of ₹1710 and a profit of ₹660. What were its costs (in ₹)?
38. 38.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
39. 39.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader

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