Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 549 · 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 company? (a) owner keeps all profit (b) simplest to start (c) a separate legal body (d) one owner runs it
2. 2.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
3. 3.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) run by directors
4. 4.A small business sells 39 glasses of chai at ₹25 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
6. 6.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
8. 8.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
9. 9.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
10. 10.A small business selling handmade cards had a revenue of ₹240 and a profit of ₹10. What were its costs (in ₹)?
11. 11.A small business sells 51 jute bags at ₹30 each. What is its revenue (in ₹)?
12. 12.📊 Revenue minus costs equals… (a) profit (b) revenue (c) price (d) stock
13. 13.A small business sells 36 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
14. 14.True or false: “run by directors” is true of a company. (a) False (b) True
15. 15.A small business sells 28 paper bookmarks at ₹50 each. Its costs are ₹20. What is its profit (in ₹)?
16. 16.True or false: “one owner runs it” is true of a company. (a) True (b) False
17. 17.📜 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
18. 18.🎂 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
19. 19.A small business selling bags of popcorn had a revenue of ₹1440 and a profit of ₹860. What were its costs (in ₹)?
20. 20.A small business selling clay diyas had a revenue of ₹1850 and a profit of ₹1330. What were its costs (in ₹)?
21. 21.A small business sells 46 handmade cards at ₹25 each. Its costs are ₹70. What is its profit (in ₹)?
22. 22.A small business selling glasses of chai had a revenue of ₹675 and a profit of ₹545. What were its costs (in ₹)?
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
24. 24.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
25. 25.A small business selling cups of lemonade had a revenue of ₹1200 and a profit of ₹680. What were its costs (in ₹)?
26. 26.A small business selling glasses of chai had a revenue of ₹620 and a profit of ₹570. What were its costs (in ₹)?
27. 27.A small business sells 15 jute bags at ₹50 each. What is its revenue (in ₹)?
28. 28.True or false: “owner owes the debts” is true of a company. (a) False (b) True
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) owned by shareholders
30. 30.A small business sells 31 jute bags at ₹35 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) run by directors
32. 32.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
33. 33.A small business sells 44 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
35. 35.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) owner keeps all profit
36. 36.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
38. 38.A small business sells 55 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
39. 39.A small business sells 42 fruit cups at ₹5 each. What is its revenue (in ₹)?
40. 40.A small business selling bags of popcorn had a revenue of ₹2070 and a profit of ₹800. What were its costs (in ₹)?

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