Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 593 · 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: “owner owes the debts” is true of a sole trader. (a) False (b) True
2. 2.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
3. 3.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
4. 4.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) one owner runs it (d) owner keeps all profit
5. 5.A small business sells 59 handmade cards at ₹20 each. Its costs are ₹820. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
7. 7.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
8. 8.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
9. 9.A small business sells 53 friendship bands at ₹50 each. What is its revenue (in ₹)?
10. 10.A small business sells 46 friendship bands at ₹40 each. What is its revenue (in ₹)?
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.A small business selling fruit cups had a revenue of ₹540 and a profit of ₹280. What were its costs (in ₹)?
13. 13.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
14. 14.A small business sells 22 potted plants at ₹10 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
16. 16.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) owner keeps all profit (d) one owner runs it
17. 17.True or false: “simplest to start” is true of a company. (a) False (b) True
18. 18.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owner keeps all profit (d) a separate legal body
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
20. 20.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
21. 21.A small business selling fruit cups had a revenue of ₹2295 and a profit of ₹705. What were its costs (in ₹)?
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
24. 24.A small business selling bags of popcorn had a revenue of ₹2655 and a profit of ₹485. What were its costs (in ₹)?
25. 25.A small business sells 20 glasses of chai at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
26. 26.A small business sells 20 cupcakes at ₹10 each. Its costs are ₹160. What is its profit (in ₹)?
27. 27.True or false: “owned by shareholders” is true of a company. (a) True (b) False
28. 28.True or false: “one owner runs it” is true of a company. (a) False (b) True
29. 29.A small business selling fruit cups had a revenue of ₹405 and a profit of ₹175. What were its costs (in ₹)?
30. 30.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
31. 31.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
32. 32.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
33. 33.A small business sells 42 friendship bands at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
34. 34.A small business selling glasses of chai had a revenue of ₹1720 and a profit of ₹1580. What were its costs (in ₹)?
35. 35.A small business sells 31 friendship bands at ₹50 each. Its costs are ₹240. What is its profit (in ₹)?
36. 36.A small business selling cupcakes had a revenue of ₹1935 and a profit of ₹1545. What were its costs (in ₹)?
37. 37.A small business selling handmade cards had a revenue of ₹760 and a profit of ₹710. What were its costs (in ₹)?
38. 38.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
39. 39.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
40. 40.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owners’ risk is limited (d) run by directors

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