Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 536 · 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.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) one owner runs it
2. 2.True or false: “simplest to start” is true of a company. (a) True (b) False
3. 3.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
4. 4.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
5. 5.A small business sells 33 potted plants at ₹15 each. Its costs are ₹260. What is its profit (in ₹)?
6. 6.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
7. 7.A small business sells 59 cupcakes at ₹10 each. What is its revenue (in ₹)?
8. 8.A small business sells 31 jute bags at ₹50 each. Its costs are ₹720. What is its profit (in ₹)?
9. 9.A small business sells 29 bags of popcorn at ₹50 each. Its costs are ₹380. What is its profit (in ₹)?
10. 10.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
11. 11.A small business selling jute bags had a revenue of ₹490 and a profit of ₹220. What were its costs (in ₹)?
12. 12.A small business sells 23 fruit cups at ₹25 each. What is its revenue (in ₹)?
13. 13.True or false: “one owner runs it” is true of a company. (a) False (b) True
14. 14.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
15. 15.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
16. 16.A small business sells 53 friendship bands at ₹40 each. What is its revenue (in ₹)?
17. 17.A small business sells 20 cupcakes at ₹50 each. Its costs are ₹140. What is its profit (in ₹)?
18. 18.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
19. 19.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
20. 20.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
21. 21.A small business sells 21 handmade cards at ₹20 each. Its costs are ₹360. What is its profit (in ₹)?
22. 22.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
23. 23.A small business sells 16 potted plants at ₹20 each. Its costs are ₹150. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
25. 25.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
26. 26.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
27. 27.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
28. 28.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
29. 29.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
30. 30.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
31. 31.A small business sells 23 potted plants at ₹15 each. What is its revenue (in ₹)?
32. 32.A small business sells 56 fruit cups at ₹15 each. Its costs are ₹520. What is its profit (in ₹)?
33. 33.A small business sells 16 cupcakes at ₹5 each. What is its revenue (in ₹)?
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
35. 35.True or false: “owner owes the debts” is true of a company. (a) True (b) False
36. 36.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
37. 37.A small business selling bags of popcorn had a revenue of ₹360 and a profit of ₹250. What were its costs (in ₹)?
38. 38.A small business sells 31 bags of popcorn at ₹50 each. Its costs are ₹320. What is its profit (in ₹)?
39. 39.A small business sells 20 bags of popcorn at ₹30 each. Its costs are ₹510. What is its profit (in ₹)?
40. 40.📊 Revenue or profit: all money from sales? (a) revenue (b) profit

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