Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 554 · 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.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
2. 2.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
3. 3.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
4. 4.A small business sells 29 cupcakes at ₹15 each. What is its revenue (in ₹)?
5. 5.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner keeps all profit (d) owner owes the debts
6. 6.True or false: “owner owes the debts” is true of a company. (a) True (b) False
7. 7.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
8. 8.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
9. 9.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
10. 10.A small business selling friendship bands had a revenue of ₹735 and a profit of ₹505. What were its costs (in ₹)?
11. 11.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
12. 12.A small business selling potted plants had a revenue of ₹1215 and a profit of ₹125. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
14. 14.👤 A sole trader is… (a) a bank (b) a one-owner business (c) a school club (d) a big company
15. 15.A small business sells 54 bags of popcorn at ₹10 each. Its costs are ₹410. What is its profit (in ₹)?
16. 16.A small business sells 31 potted plants at ₹25 each. What is its revenue (in ₹)?
17. 17.A small business sells 54 friendship bands at ₹40 each. Its costs are ₹1550. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
19. 19.A small business selling cups of lemonade had a revenue of ₹1935 and a profit of ₹1005. What were its costs (in ₹)?
20. 20.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a random video (d) a classmate
21. 21.A small business selling paper bookmarks had a revenue of ₹1120 and a profit of ₹110. What were its costs (in ₹)?
22. 22.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
23. 23.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
24. 24.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) a separate legal body (d) run by directors
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
26. 26.A small business sells 35 clay diyas at ₹15 each. Its costs are ₹470. What is its profit (in ₹)?
27. 27.A small business sells 29 friendship bands at ₹30 each. What is its revenue (in ₹)?
28. 28.A small business sells 39 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
29. 29.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) owner owes the debts
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) one owner runs it
32. 32.A small business sells 11 friendship bands at ₹5 each. What is its revenue (in ₹)?
33. 33.A small business sells 60 handmade cards at ₹10 each. What is its revenue (in ₹)?
34. 34.True or false: “run by directors” is true of a sole trader. (a) False (b) True
35. 35.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
36. 36.A small business selling cups of lemonade had a revenue of ₹480 and a profit of ₹70. What were its costs (in ₹)?
37. 37.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
38. 38.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
39. 39.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
40. 40.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) owner keeps all profit

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