Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 417 · 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: “one owner runs it” is true of a sole trader. (a) False (b) True
2. 2.True or false: “run by directors” is true of a sole trader. (a) False (b) True
3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
4. 4.A small business selling jute bags had a revenue of ₹580 and a profit of ₹310. What were its costs (in ₹)?
5. 5.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) one owner runs it
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
7. 7.A small business selling glasses of chai had a revenue of ₹120 and a profit of ₹100. What were its costs (in ₹)?
8. 8.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
9. 9.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
10. 10.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
11. 11.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) owned by shareholders (d) a separate legal body
12. 12.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
13. 13.A small business sells 49 cupcakes at ₹15 each. Its costs are ₹120. What is its profit (in ₹)?
14. 14.A small business selling cups of lemonade had a revenue of ₹440 and a profit of ₹410. What were its costs (in ₹)?
15. 15.A small business sells 40 cupcakes at ₹50 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
17. 17.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) run by directors (d) one owner runs it
18. 18.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) run by directors
19. 19.A small business sells 60 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
20. 20.A small business sells 31 jute bags at ₹50 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
22. 22.A small business sells 56 cups of lemonade at ₹35 each. Its costs are ₹1450. What is its profit (in ₹)?
23. 23.True or false: “owned by shareholders” is true of a company. (a) True (b) False
24. 24.A small business sells 39 handmade cards at ₹45 each. Its costs are ₹230. What is its profit (in ₹)?
25. 25.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
26. 26.A small business sells 36 paper bookmarks at ₹10 each. Its costs are ₹230. What is its profit (in ₹)?
27. 27.True or false: “a separate legal body” is true of a company. (a) False (b) True
28. 28.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
29. 29.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
30. 30.A small business selling handmade cards had a revenue of ₹1000 and a profit of ₹910. What were its costs (in ₹)?
31. 31.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
32. 32.A small business sells 57 friendship bands at ₹5 each. Its costs are ₹210. What is its profit (in ₹)?
33. 33.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
34. 34.A small business selling handmade cards had a revenue of ₹2120 and a profit of ₹2030. What were its costs (in ₹)?
35. 35.A small business sells 19 painted pebbles at ₹50 each. Its costs are ₹130. What is its profit (in ₹)?
36. 36.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
37. 37.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
38. 38.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
39. 39.A small business selling cups of lemonade had a revenue of ₹230 and a profit of ₹120. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) owned by shareholders

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