Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 456 · 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: “owned by shareholders” is true of a company. (a) True (b) False
2. 2.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
3. 3.A small business sells 39 cups of lemonade at ₹15 each. Its costs are ₹400. What is its profit (in ₹)?
4. 4.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
5. 5.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
6. 6.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
7. 7.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
8. 8.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
9. 9.A small business selling bags of popcorn had a revenue of ₹205 and a profit of ₹75. What were its costs (in ₹)?
10. 10.A small business sells 12 clay diyas at ₹35 each. Its costs are ₹200. What is its profit (in ₹)?
11. 11.A small business sells 19 clay diyas at ₹40 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
13. 13.A small business selling clay diyas had a revenue of ₹2385 and a profit of ₹1235. What were its costs (in ₹)?
14. 14.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
15. 15.True or false: “a separate legal body” is true of a company. (a) False (b) True
16. 16.A small business sells 34 fruit cups at ₹15 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
20. 20.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
21. 21.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
22. 22.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
23. 23.A small business sells 51 cupcakes at ₹20 each. What is its revenue (in ₹)?
24. 24.A small business sells 51 friendship bands at ₹40 each. What is its revenue (in ₹)?
25. 25.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) simplest to start
26. 26.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
27. 27.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
28. 28.A small business sells 17 painted pebbles at ₹30 each. Its costs are ₹150. What is its profit (in ₹)?
29. 29.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
30. 30.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
31. 31.True or false: “simplest to start” is true of a company. (a) True (b) False
32. 32.A small business sells 23 jute bags at ₹40 each. What is its revenue (in ₹)?
33. 33.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
34. 34.A small business selling glasses of chai had a revenue of ₹460 and a profit of ₹90. What were its costs (in ₹)?
35. 35.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
37. 37.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
38. 38.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) simplest to start
39. 39.A small business sells 49 jute bags at ₹40 each. Its costs are ₹230. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company

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