Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 586 · 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.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
2. 2.A small business sells 35 paper bookmarks at ₹25 each. Its costs are ₹790. What is its profit (in ₹)?
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
4. 4.A small business selling jute bags had a revenue of ₹960 and a profit of ₹90. What were its costs (in ₹)?
5. 5.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
6. 6.A small business sells 44 jute bags at ₹30 each. Its costs are ₹470. What is its profit (in ₹)?
7. 7.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) run by directors (d) simplest to start
8. 8.🎂 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
9. 9.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
10. 10.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
11. 11.True or false: “simplest to start” is true of a company. (a) True (b) False
12. 12.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
13. 13.A small business selling friendship bands had a revenue of ₹100 and a profit of ₹60. What were its costs (in ₹)?
14. 14.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
15. 15.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
16. 16.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
17. 17.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
18. 18.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
19. 19.A small business sells 29 cupcakes at ₹50 each. Its costs are ₹280. What is its profit (in ₹)?
20. 20.A small business sells 27 fruit cups at ₹50 each. What is its revenue (in ₹)?
21. 21.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
22. 22.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
23. 23.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner owes the debts
24. 24.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
25. 25.A small business sells 21 potted plants at ₹20 each. What is its revenue (in ₹)?
26. 26.A small business sells 35 jute bags at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
27. 27.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
28. 28.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
29. 29.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
30. 30.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
31. 31.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
32. 32.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
33. 33.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) owner keeps all profit
34. 34.True or false: “a separate legal body” is true of a company. (a) False (b) True
35. 35.True or false: “owner owes the debts” is true of a company. (a) False (b) True
36. 36.A small business sells 18 handmade cards at ₹25 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
38. 38.A small business selling paper bookmarks had a revenue of ₹265 and a profit of ₹205. What were its costs (in ₹)?
39. 39.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) simplest to start (d) owners’ risk is limited
40. 40.A small business sells 44 potted plants at ₹10 each. What is its revenue (in ₹)?

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