Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 575 · 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.A small business sells 38 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner keeps all profit (d) owned by shareholders
3. 3.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
4. 4.A small business selling cupcakes had a revenue of ₹1020 and a profit of ₹970. What were its costs (in ₹)?
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
7. 7.A small business sells 50 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
9. 9.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) one owner runs it
11. 11.A small business selling glasses of chai had a revenue of ₹270 and a profit of ₹50. What were its costs (in ₹)?
12. 12.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
13. 13.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) simplest to start
14. 14.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
16. 16.A small business sells 58 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) owners’ risk is limited
18. 18.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) a separate legal body
19. 19.A small business selling friendship bands had a revenue of ₹1400 and a profit of ₹210. What were its costs (in ₹)?
20. 20.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
21. 21.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
22. 22.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
23. 23.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
24. 24.A small business selling cups of lemonade had a revenue of ₹95 and a profit of ₹45. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
26. 26.True or false: “one owner runs it” is true of a company. (a) True (b) False
27. 27.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
28. 28.True or false: “a separate legal body” is true of a company. (a) False (b) True
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) owned by shareholders
30. 30.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
31. 31.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
32. 32.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
33. 33.A small business sells 55 cups of lemonade at ₹10 each. Its costs are ₹190. What is its profit (in ₹)?
34. 34.A small business selling handmade cards had a revenue of ₹480 and a profit of ₹370. What were its costs (in ₹)?
35. 35.A small business selling fruit cups had a revenue of ₹1060 and a profit of ₹650. What were its costs (in ₹)?
36. 36.A small business sells 48 fruit cups at ₹10 each. What is its revenue (in ₹)?
37. 37.A small business selling friendship bands had a revenue of ₹1400 and a profit of ₹1100. What were its costs (in ₹)?
38. 38.A small business sells 12 cupcakes at ₹50 each. Its costs are ₹300. What is its profit (in ₹)?
39. 39.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
40. 40.📊 Revenue or profit: money in before costs? (a) profit (b) revenue

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