Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 623 · 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: all money from sales? (a) revenue (b) profit
2. 2.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
4. 4.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
5. 5.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) owner keeps all profit
6. 6.A small business sells 18 fruit cups at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
8. 8.True or false: “run by directors” is true of a company. (a) True (b) False
9. 9.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
11. 11.True or false: “one owner runs it” is true of a company. (a) False (b) True
12. 12.A small business selling bags of popcorn had a revenue of ₹510 and a profit of ₹370. What were its costs (in ₹)?
13. 13.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) owner keeps all profit (d) simplest to start
14. 14.A small business sells 59 cupcakes at ₹15 each. Its costs are ₹740. What is its profit (in ₹)?
15. 15.True or false: “owner owes the debts” is true of a company. (a) False (b) True
16. 16.A small business selling fruit cups had a revenue of ₹3000 and a profit of ₹1620. What were its costs (in ₹)?
17. 17.A small business selling handmade cards had a revenue of ₹885 and a profit of ₹205. What were its costs (in ₹)?
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
19. 19.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
20. 20.A small business selling cups of lemonade had a revenue of ₹720 and a profit of ₹470. What were its costs (in ₹)?
21. 21.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
22. 22.A small business selling friendship bands had a revenue of ₹360 and a profit of ₹320. What were its costs (in ₹)?
23. 23.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
24. 24.A small business selling paper bookmarks had a revenue of ₹1350 and a profit of ₹1150. What were its costs (in ₹)?
25. 25.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
26. 26.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
29. 29.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner keeps all profit (d) owned by shareholders
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
32. 32.A small business selling paper bookmarks had a revenue of ₹245 and a profit of ₹15. What were its costs (in ₹)?
33. 33.A small business sells 21 clay diyas at ₹50 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
35. 35.A small business selling jute bags had a revenue of ₹630 and a profit of ₹400. What were its costs (in ₹)?
36. 36.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
37. 37.A small business selling bags of popcorn had a revenue of ₹1040 and a profit of ₹180. What were its costs (in ₹)?
38. 38.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
39. 39.A small business sells 42 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
40. 40.A small business selling jute bags had a revenue of ₹210 and a profit of ₹70. What were its costs (in ₹)?

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