Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 557 · 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) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) run by directors
2. 2.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its customers (d) its suppliers
3. 3.True or false: “one owner runs it” is true of a company. (a) False (b) True
4. 4.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
5. 5.A small business sells 37 fruit cups at ₹50 each. What is its revenue (in ₹)?
6. 6.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
7. 7.A small business sells 37 cupcakes at ₹35 each. Its costs are ₹1110. What is its profit (in ₹)?
8. 8.A small business sells 31 potted plants at ₹25 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
11. 11.True or false: “run by directors” is true of a company. (a) False (b) True
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
13. 13.A small business selling clay diyas had a revenue of ₹2360 and a profit of ₹860. What were its costs (in ₹)?
14. 14.A small business sells 14 cupcakes at ₹25 each. Its costs are ₹10. What is its profit (in ₹)?
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
16. 16.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 keeps all profit
17. 17.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
18. 18.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
19. 19.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
20. 20.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
21. 21.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
22. 22.A small business selling friendship bands had a revenue of ₹1140 and a profit of ₹400. What were its costs (in ₹)?
23. 23.A small business sells 36 painted pebbles at ₹35 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
25. 25.🎂 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
26. 26.A small business sells 59 painted pebbles at ₹50 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
28. 28.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) simplest to start
29. 29.A small business sells 48 painted pebbles at ₹25 each. What is its revenue (in ₹)?
30. 30.A small business selling potted plants had a revenue of ₹400 and a profit of ₹330. What were its costs (in ₹)?
31. 31.A small business sells 40 painted pebbles at ₹20 each. Its costs are ₹730. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
33. 33.A small business sells 13 painted pebbles at ₹40 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
35. 35.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
36. 36.A small business sells 12 potted plants at ₹15 each. What is its revenue (in ₹)?
37. 37.A small business sells 60 friendship bands at ₹50 each. What is its revenue (in ₹)?
38. 38.A small business sells 13 fruit cups at ₹35 each. Its costs are ₹100. What is its profit (in ₹)?
39. 39.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
40. 40.A small business sells 34 fruit cups at ₹50 each. What is its revenue (in ₹)?

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