Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 594 · 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: revenue minus costs? (a) profit (b) revenue
2. 2.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
3. 3.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
4. 4.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
6. 6.A small business sells 16 painted pebbles at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
7. 7.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
8. 8.A small business sells 48 painted pebbles at ₹20 each. What is its revenue (in ₹)?
9. 9.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
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.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) nobody (d) an adult or an expert
12. 12.A small business selling painted pebbles had a revenue of ₹385 and a profit of ₹325. What were its costs (in ₹)?
13. 13.A small business selling friendship bands had a revenue of ₹1400 and a profit of ₹170. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
15. 15.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) owner owes the debts (d) simplest to start
16. 16.👤 A sole trader is… (a) a bank (b) a school club (c) a one-owner business (d) a big company
17. 17.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
18. 18.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
19. 19.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) simplest to start (d) a separate legal body
21. 21.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
22. 22.True or false: “run by directors” is true of a sole trader. (a) False (b) True
23. 23.A small business sells 60 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
24. 24.A small business sells 56 handmade cards at ₹15 each. Its costs are ₹800. What is its profit (in ₹)?
25. 25.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
26. 26.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
27. 27.A small business sells 19 glasses of chai at ₹10 each. What is its revenue (in ₹)?
28. 28.A small business sells 51 paper bookmarks at ₹15 each. Its costs are ₹100. What is its profit (in ₹)?
29. 29.A small business sells 42 clay diyas at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
30. 30.True or false: “run by directors” is true of a company. (a) True (b) False
31. 31.A small business selling potted plants had a revenue of ₹1500 and a profit of ₹50. What were its costs (in ₹)?
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
34. 34.A small business sells 22 cupcakes at ₹25 each. What is its revenue (in ₹)?
35. 35.True or false: “owner owes the debts” is true of a company. (a) False (b) True
36. 36.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) one owner runs it
37. 37.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
38. 38.A small business sells 46 cups of lemonade at ₹15 each. Its costs are ₹10. What is its profit (in ₹)?
39. 39.True or false: “one owner runs it” is true of a company. (a) True (b) False
40. 40.True or false: “owned by shareholders” is true of a company. (a) True (b) False

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