Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 599 · 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: “owners’ risk is limited” is true of a company. (a) False (b) True
2. 2.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
3. 3.A small business sells 11 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
4. 4.True or false: “run by directors” is true of a sole trader. (a) True (b) False
5. 5.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
6. 6.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) the government always (d) its customers
7. 7.True or false: “simplest to start” is true of a company. (a) True (b) False
8. 8.A small business sells 20 handmade cards at ₹50 each. Its costs are ₹640. What is its profit (in ₹)?
9. 9.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
10. 10.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
11. 11.A small business sells 18 friendship bands at ₹30 each. What is its revenue (in ₹)?
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
14. 14.A small business sells 13 clay diyas at ₹35 each. Its costs are ₹110. What is its profit (in ₹)?
15. 15.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
16. 16.A small business sells 57 potted plants at ₹30 each. Its costs are ₹220. What is its profit (in ₹)?
17. 17.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
18. 18.A small business selling cupcakes had a revenue of ₹640 and a profit of ₹410. What were its costs (in ₹)?
19. 19.A small business sells 21 potted plants at ₹35 each. What is its revenue (in ₹)?
20. 20.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
21. 21.A small business sells 55 handmade cards at ₹20 each. Its costs are ₹960. What is its profit (in ₹)?
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) run by directors
23. 23.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) run by directors
24. 24.A small business selling cups of lemonade had a revenue of ₹290 and a profit of ₹280. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
26. 26.A small business selling clay diyas had a revenue of ₹360 and a profit of ₹100. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
28. 28.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
29. 29.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
30. 30.A small business sells 37 cupcakes at ₹45 each. What is its revenue (in ₹)?
31. 31.A small business selling paper bookmarks had a revenue of ₹1800 and a profit of ₹930. What were its costs (in ₹)?
32. 32.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) owned by shareholders
33. 33.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owned by shareholders
34. 34.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
35. 35.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
36. 36.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
37. 37.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
38. 38.True or false: “owned by shareholders” is true of a company. (a) False (b) True
39. 39.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
40. 40.📊 Revenue or profit: left after all costs? (a) revenue (b) profit

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