Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 448 · 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.A small business selling fruit cups had a revenue of ₹260 and a profit of ₹180. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
3. 3.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
4. 4.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
5. 5.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
6. 6.A small business selling clay diyas had a revenue of ₹1180 and a profit of ₹810. What were its costs (in ₹)?
7. 7.A small business sells 57 cupcakes at ₹5 each. Its costs are ₹180. What is its profit (in ₹)?
8. 8.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
9. 9.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
10. 10.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
11. 11.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
12. 12.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
13. 13.True or false: “run by directors” is true of a sole trader. (a) False (b) True
14. 14.A small business selling handmade cards had a revenue of ₹430 and a profit of ₹230. What were its costs (in ₹)?
15. 15.A small business sells 14 handmade cards at ₹50 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) run by directors
17. 17.A small business sells 59 friendship bands at ₹25 each. Its costs are ₹340. What is its profit (in ₹)?
18. 18.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
19. 19.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
20. 20.A small business selling paper bookmarks had a revenue of ₹520 and a profit of ₹230. What were its costs (in ₹)?
21. 21.A small business selling clay diyas had a revenue of ₹385 and a profit of ₹325. What were its costs (in ₹)?
22. 22.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
23. 23.A small business selling clay diyas had a revenue of ₹1200 and a profit of ₹510. What were its costs (in ₹)?
24. 24.True or false: “owner owes the debts” is true of a company. (a) True (b) False
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
26. 26.A small business selling potted plants had a revenue of ₹800 and a profit of ₹170. What were its costs (in ₹)?
27. 27.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
28. 28.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
29. 29.A small business sells 37 fruit cups at ₹45 each. What is its revenue (in ₹)?
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) owner owes the debts (d) one owner runs it
32. 32.A small business sells 43 fruit cups at ₹15 each. What is its revenue (in ₹)?
33. 33.A small business selling fruit cups had a revenue of ₹1715 and a profit of ₹145. What were its costs (in ₹)?
34. 34.A small business sells 40 painted pebbles at ₹35 each. What is its revenue (in ₹)?
35. 35.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
36. 36.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) owners’ risk is limited
37. 37.A small business selling clay diyas had a revenue of ₹85 and a profit of ₹25. What were its costs (in ₹)?
38. 38.A small business selling paper bookmarks had a revenue of ₹465 and a profit of ₹235. What were its costs (in ₹)?
39. 39.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader

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