Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 418 · 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: money in before costs? (a) profit (b) revenue
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
4. 4.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) simplest to start
5. 5.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
6. 6.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
8. 8.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner keeps all profit
9. 9.A small business selling cups of lemonade had a revenue of ₹780 and a profit of ₹420. What were its costs (in ₹)?
10. 10.A small business selling bags of popcorn had a revenue of ₹2450 and a profit of ₹1630. What were its costs (in ₹)?
11. 11.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) run by directors (d) simplest to start
12. 12.A small business sells 17 friendship bands at ₹20 each. What is its revenue (in ₹)?
13. 13.True or false: “simplest to start” is true of a company. (a) False (b) True
14. 14.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
15. 15.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
16. 16.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
17. 17.A small business selling glasses of chai had a revenue of ₹460 and a profit of ₹330. What were its costs (in ₹)?
18. 18.A small business selling jute bags had a revenue of ₹1550 and a profit of ₹580. What were its costs (in ₹)?
19. 19.A small business selling friendship bands had a revenue of ₹1400 and a profit of ₹1150. What were its costs (in ₹)?
20. 20.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
22. 22.A small business sells 20 fruit cups at ₹40 each. Its costs are ₹420. What is its profit (in ₹)?
23. 23.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
25. 25.A small business sells 11 jute bags at ₹35 each. Its costs are ₹230. What is its profit (in ₹)?
26. 26.True or false: “a separate legal body” is true of a company. (a) True (b) False
27. 27.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
28. 28.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
29. 29.A small business sells 59 fruit cups at ₹50 each. What is its revenue (in ₹)?
30. 30.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 31 glasses of chai at ₹45 each. Its costs are ₹320. What is its profit (in ₹)?
32. 32.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
33. 33.Which of these is true of a sole trader? (a) owner owes the debts (b) a separate legal body (c) run by directors (d) owners’ risk is limited
34. 34.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
35. 35.A small business selling friendship bands had a revenue of ₹1575 and a profit of ₹15. What were its costs (in ₹)?
36. 36.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) simplest to start
37. 37.A small business selling friendship bands had a revenue of ₹840 and a profit of ₹40. What were its costs (in ₹)?
38. 38.A small business selling clay diyas had a revenue of ₹2295 and a profit of ₹2175. What were its costs (in ₹)?
39. 39.A small business sells 20 paper bookmarks at ₹35 each. Its costs are ₹470. What is its profit (in ₹)?
40. 40.A small business sells 48 potted plants at ₹35 each. Its costs are ₹1100. What is its profit (in ₹)?

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