Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 48 · 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 company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
4. 4.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
5. 5.A small business selling cupcakes had a revenue of ₹265 and a profit of ₹255. What were its costs (in ₹)?
6. 6.A small business sells 56 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
7. 7.A small business selling potted plants had a revenue of ₹1480 and a profit of ₹1020. What were its costs (in ₹)?
8. 8.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owned by shareholders (d) a separate legal body
9. 9.A small business sells 26 fruit cups at ₹45 each. What is its revenue (in ₹)?
10. 10.A small business sells 36 jute bags at ₹15 each. Its costs are ₹380. What is its profit (in ₹)?
11. 11.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
12. 12.A small business sells 47 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
14. 14.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) run by directors
15. 15.A small business sells 17 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
16. 16.True or false: “owner owes the debts” is true of a company. (a) True (b) False
17. 17.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
18. 18.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
19. 19.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
20. 20.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
21. 21.A small business sells 57 fruit cups at ₹5 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner owes the debts (d) owner keeps all profit
23. 23.A small business sells 39 cupcakes at ₹40 each. What is its revenue (in ₹)?
24. 24.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
25. 25.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
26. 26.A small business sells 45 fruit cups at ₹20 each. What is its revenue (in ₹)?
27. 27.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
28. 28.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) one owner runs it
29. 29.A small business selling bags of popcorn had a revenue of ₹1750 and a profit of ₹1630. What were its costs (in ₹)?
30. 30.A small business sells 46 paper bookmarks at ₹30 each. Its costs are ₹820. What is its profit (in ₹)?
31. 31.A small business selling handmade cards had a revenue of ₹360 and a profit of ₹80. What were its costs (in ₹)?
32. 32.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
33. 33.A small business selling friendship bands had a revenue of ₹810 and a profit of ₹540. What were its costs (in ₹)?
34. 34.A small business selling friendship bands had a revenue of ₹800 and a profit of ₹340. What were its costs (in ₹)?
35. 35.A small business sells 30 painted pebbles at ₹20 each. Its costs are ₹360. What is its profit (in ₹)?
36. 36.A small business sells 31 jute bags at ₹15 each. What is its revenue (in ₹)?
37. 37.A small business selling cupcakes had a revenue of ₹465 and a profit of ₹35. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
39. 39.A small business selling handmade cards had a revenue of ₹1350 and a profit of ₹870. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader

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