Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 484 · 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.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
2. 2.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
3. 3.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
4. 4.A small business sells 16 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
5. 5.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
6. 6.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
7. 7.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owned by shareholders (d) a separate legal body
8. 8.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
9. 9.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
10. 10.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
11. 11.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
12. 12.A small business sells 39 handmade cards at ₹35 each. Its costs are ₹730. What is its profit (in ₹)?
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.A small business sells 32 paper bookmarks at ₹40 each. Its costs are ₹140. What is its profit (in ₹)?
15. 15.A small business sells 42 friendship bands at ₹30 each. What is its revenue (in ₹)?
16. 16.A small business selling glasses of chai had a revenue of ₹2030 and a profit of ₹740. What were its costs (in ₹)?
17. 17.A small business sells 21 friendship bands at ₹40 each. Its costs are ₹450. What is its profit (in ₹)?
18. 18.A small business sells 19 jute bags at ₹50 each. What is its revenue (in ₹)?
19. 19.A small business sells 46 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) one owner runs it (d) simplest to start
21. 21.A small business selling painted pebbles had a revenue of ₹1050 and a profit of ₹890. What were its costs (in ₹)?
22. 22.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
23. 23.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) one owner runs it
26. 26.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
27. 27.A small business sells 20 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
28. 28.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
29. 29.A small business sells 30 fruit cups at ₹20 each. What is its revenue (in ₹)?
30. 30.True or false: “simplest to start” is true of a company. (a) False (b) True
31. 31.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
32. 32.True or false: “one owner runs it” is true of a company. (a) True (b) False
33. 33.A small business sells 12 fruit cups at ₹25 each. What is its revenue (in ₹)?
34. 34.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
35. 35.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
36. 36.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) simplest to start (d) owners’ risk is limited
37. 37.A small business sells 47 handmade cards at ₹40 each. Its costs are ₹1670. What is its profit (in ₹)?
38. 38.A small business sells 57 jute bags at ₹20 each. Its costs are ₹1030. What is its profit (in ₹)?
39. 39.A small business sells 32 cups of lemonade at ₹15 each. Its costs are ₹220. What is its profit (in ₹)?
40. 40.🎂 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

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