Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 414 · 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.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
2. 2.A small business selling paper bookmarks had a revenue of ₹2550 and a profit of ₹1050. What were its costs (in ₹)?
3. 3.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
6. 6.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
7. 7.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
8. 8.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
9. 9.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner keeps all profit (d) simplest to start
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) owners’ risk is limited
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
13. 13.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
14. 14.A small business sells 55 jute bags at ₹5 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.A small business sells 40 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
18. 18.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
19. 19.A small business sells 52 painted pebbles at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
21. 21.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) simplest to start
22. 22.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
23. 23.A small business sells 38 cupcakes at ₹45 each. Its costs are ₹120. What is its profit (in ₹)?
24. 24.A small business sells 32 paper bookmarks at ₹25 each. Its costs are ₹350. What is its profit (in ₹)?
25. 25.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
26. 26.A small business selling friendship bands had a revenue of ₹405 and a profit of ₹325. What were its costs (in ₹)?
27. 27.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
28. 28.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
29. 29.A small business sells 16 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
30. 30.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
31. 31.A small business sells 23 handmade cards at ₹5 each. What is its revenue (in ₹)?
32. 32.True or false: “run by directors” is true of a sole trader. (a) True (b) False
33. 33.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
34. 34.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
35. 35.A small business selling cupcakes had a revenue of ₹800 and a profit of ₹700. What were its costs (in ₹)?
36. 36.A small business sells 45 cups of lemonade at ₹35 each. Its costs are ₹700. What is its profit (in ₹)?
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
38. 38.A small business sells 29 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owners’ risk is limited (d) one owner runs it
40. 40.A small business sells 10 handmade cards at ₹50 each. What is its revenue (in ₹)?

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