Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 582 · 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.True or false: “simplest to start” is true of a company. (a) True (b) False
2. 2.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
3. 3.True or false: “run by directors” is true of a sole trader. (a) True (b) False
4. 4.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
5. 5.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) run by directors
6. 6.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
7. 7.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
8. 8.A small business sells 21 fruit cups at ₹15 each. What is its revenue (in ₹)?
9. 9.A small business selling clay diyas had a revenue of ₹1610 and a profit of ₹100. What were its costs (in ₹)?
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) one owner runs it
11. 11.A small business selling jute bags had a revenue of ₹2200 and a profit of ₹1230. What were its costs (in ₹)?
12. 12.A small business sells 56 potted plants at ₹45 each. Its costs are ₹1650. What is its profit (in ₹)?
13. 13.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
14. 14.A small business sells 54 handmade cards at ₹30 each. Its costs are ₹650. What is its profit (in ₹)?
15. 15.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) run by directors
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
18. 18.A small business selling potted plants had a revenue of ₹360 and a profit of ₹120. What were its costs (in ₹)?
19. 19.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) simplest to start (d) one owner runs it
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) owners’ risk is limited (d) a separate legal body
21. 21.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owned by shareholders (d) simplest to start
22. 22.A small business selling glasses of chai had a revenue of ₹1960 and a profit of ₹1650. What were its costs (in ₹)?
23. 23.A small business sells 56 cupcakes at ₹25 each. Its costs are ₹700. What is its profit (in ₹)?
24. 24.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
25. 25.A small business sells 22 paper bookmarks at ₹25 each. Its costs are ₹260. What is its profit (in ₹)?
26. 26.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
27. 27.A small business selling clay diyas had a revenue of ₹1740 and a profit of ₹1540. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
29. 29.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
30. 30.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
31. 31.A small business sells 22 paper bookmarks at ₹35 each. Its costs are ₹250. What is its profit (in ₹)?
32. 32.A small business selling clay diyas had a revenue of ₹680 and a profit of ₹560. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
35. 35.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
36. 36.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) run by directors
37. 37.A small business sells 52 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
38. 38.A small business selling cupcakes had a revenue of ₹1800 and a profit of ₹990. What were its costs (in ₹)?
39. 39.A small business sells 14 cupcakes at ₹45 each. What is its revenue (in ₹)?
40. 40.A small business selling cupcakes had a revenue of ₹775 and a profit of ₹585. What were its costs (in ₹)?

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