Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 589 · 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) profit (b) revenue
2. 2.A small business sells 46 handmade cards at ₹10 each. What is its revenue (in ₹)?
3. 3.A small business sells 11 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
4. 4.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
5. 5.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
6. 6.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) a separate legal body (d) owners’ risk is limited
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
8. 8.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
9. 9.True or false: “owner owes the debts” is true of a company. (a) True (b) False
10. 10.A small business sells 31 fruit cups at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
11. 11.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
12. 12.A small business selling handmade cards had a revenue of ₹2000 and a profit of ₹1970. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
16. 16.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner owes the debts
18. 18.A small business selling bags of popcorn had a revenue of ₹215 and a profit of ₹25. What were its costs (in ₹)?
19. 19.True or false: “one owner runs it” is true of a company. (a) False (b) True
20. 20.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
21. 21.A small business sells 20 friendship bands at ₹50 each. What is its revenue (in ₹)?
22. 22.A small business sells 33 fruit cups at ₹15 each. What is its revenue (in ₹)?
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
24. 24.A small business selling clay diyas had a revenue of ₹855 and a profit of ₹415. What were its costs (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) run by directors (d) owned by shareholders
26. 26.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
27. 27.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
28. 28.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) simplest to start (d) owner owes the debts
30. 30.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
31. 31.A small business selling jute bags had a revenue of ₹2240 and a profit of ₹630. What were its costs (in ₹)?
32. 32.A small business sells 20 clay diyas at ₹50 each. Its costs are ₹390. What is its profit (in ₹)?
33. 33.A small business sells 10 cupcakes at ₹50 each. Its costs are ₹250. What is its profit (in ₹)?
34. 34.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
35. 35.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
36. 36.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 16 jute bags at ₹20 each. What is its revenue (in ₹)?
38. 38.A small business sells 24 handmade cards at ₹10 each. Its costs are ₹110. What is its profit (in ₹)?
39. 39.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
40. 40.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers

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