Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 613 · 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: “owned by shareholders” is true of a sole trader. (a) True (b) False
2. 2.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
3. 3.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
4. 4.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) owner keeps all profit
5. 5.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
6. 6.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
7. 7.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) a separate legal body
8. 8.A small business selling fruit cups had a revenue of ₹140 and a profit of ₹20. What were its costs (in ₹)?
9. 9.True or false: “run by directors” is true of a company. (a) False (b) True
10. 10.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.A small business sells 15 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
14. 14.A small business selling jute bags had a revenue of ₹1290 and a profit of ₹1180. What were its costs (in ₹)?
15. 15.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
16. 16.A small business sells 34 potted plants at ₹45 each. Its costs are ₹1230. What is its profit (in ₹)?
17. 17.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
18. 18.A small business sells 11 fruit cups at ₹20 each. What is its revenue (in ₹)?
19. 19.A small business sells 28 friendship bands at ₹35 each. What is its revenue (in ₹)?
20. 20.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
21. 21.A small business sells 41 handmade cards at ₹5 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
23. 23.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
24. 24.A small business selling cups of lemonade had a revenue of ₹330 and a profit of ₹60. What were its costs (in ₹)?
25. 25.A small business selling glasses of chai had a revenue of ₹1360 and a profit of ₹870. What were its costs (in ₹)?
26. 26.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
27. 27.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) a separate legal body
28. 28.👤 A sole trader is… (a) a school club (b) a big company (c) a one-owner business (d) a bank
29. 29.A small business sells 32 painted pebbles at ₹30 each. Its costs are ₹920. What is its profit (in ₹)?
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
31. 31.True or false: “one owner runs it” is true of a company. (a) True (b) False
32. 32.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
33. 33.A small business selling paper bookmarks had a revenue of ₹880 and a profit of ₹150. What were its costs (in ₹)?
34. 34.A small business sells 22 handmade cards at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
35. 35.A small business sells 22 cups of lemonade at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
36. 36.A small business selling friendship bands had a revenue of ₹2200 and a profit of ₹350. What were its costs (in ₹)?
37. 37.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) simplest to start (d) owner keeps all profit
38. 38.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
39. 39.A small business sells 41 handmade cards at ₹15 each. What is its revenue (in ₹)?
40. 40.A small business sells 51 cups of lemonade at ₹5 each. What is its revenue (in ₹)?

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