Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 612 · 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.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) one owner runs it (d) simplest to start
2. 2.A small business sells 35 potted plants at ₹15 each. What is its revenue (in ₹)?
3. 3.A small business sells 19 cups of lemonade at ₹35 each. Its costs are ₹500. What is its profit (in ₹)?
4. 4.A small business sells 17 potted plants at ₹30 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
7. 7.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
8. 8.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
10. 10.A small business sells 25 fruit cups at ₹45 each. What is its revenue (in ₹)?
11. 11.True or false: “a separate legal body” is true of a company. (a) True (b) False
12. 12.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
13. 13.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
14. 14.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
15. 15.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
16. 16.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
17. 17.True or false: “run by directors” is true of a sole trader. (a) True (b) False
18. 18.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) owner owes the debts
20. 20.A small business selling painted pebbles had a revenue of ₹480 and a profit of ₹380. What were its costs (in ₹)?
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
22. 22.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
23. 23.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
24. 24.A small business sells 25 painted pebbles at ₹30 each. Its costs are ₹720. What is its profit (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner keeps all profit
26. 26.A small business selling cups of lemonade had a revenue of ₹320 and a profit of ₹150. What were its costs (in ₹)?
27. 27.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) owners’ risk is limited
28. 28.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
29. 29.A small business sells 43 painted pebbles at ₹30 each. What is its revenue (in ₹)?
30. 30.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner owes the debts
31. 31.A small business sells 56 cups of lemonade at ₹35 each. Its costs are ₹1080. What is its profit (in ₹)?
32. 32.A small business selling friendship bands had a revenue of ₹1435 and a profit of ₹755. What were its costs (in ₹)?
33. 33.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
34. 34.A small business sells 28 glasses of chai at ₹15 each. What is its revenue (in ₹)?
35. 35.A small business sells 25 handmade cards at ₹25 each. What is its revenue (in ₹)?
36. 36.A small business sells 15 handmade cards at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?
37. 37.A small business sells 28 fruit cups at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
38. 38.A small business sells 16 glasses of chai at ₹45 each. Its costs are ₹640. What is its profit (in ₹)?
39. 39.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
40. 40.A small business selling glasses of chai had a revenue of ₹300 and a profit of ₹70. What were its costs (in ₹)?

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