Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 628 · 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) a separate legal body (b) one owner runs it (c) simplest to start (d) owner owes the debts
2. 2.A small business sells 49 glasses of chai at ₹45 each. What is its revenue (in ₹)?
3. 3.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
4. 4.A small business sells 35 cupcakes at ₹10 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
7. 7.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
8. 8.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
9. 9.A small business sells 24 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
11. 11.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
12. 12.True or false: “simplest to start” is true of a company. (a) True (b) False
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
14. 14.A small business sells 38 handmade cards at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
15. 15.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) simplest to start
17. 17.A small business selling paper bookmarks had a revenue of ₹1610 and a profit of ₹810. What were its costs (in ₹)?
18. 18.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
19. 19.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
20. 20.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
21. 21.A small business sells 15 painted pebbles at ₹10 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
23. 23.A small business sells 14 glasses of chai at ₹35 each. What is its revenue (in ₹)?
24. 24.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
25. 25.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
26. 26.A small business selling cupcakes had a revenue of ₹120 and a profit of ₹80. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.A small business selling paper bookmarks had a revenue of ₹480 and a profit of ₹280. What were its costs (in ₹)?
29. 29.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) run by directors
30. 30.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
31. 31.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
32. 32.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
33. 33.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
34. 34.A small business sells 39 friendship bands at ₹10 each. Its costs are ₹90. What is its profit (in ₹)?
35. 35.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
36. 36.A small business sells 26 friendship bands at ₹35 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
38. 38.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
39. 39.A small business sells 39 cups of lemonade at ₹30 each. Its costs are ₹460. What is its profit (in ₹)?
40. 40.A small business selling cupcakes had a revenue of ₹525 and a profit of ₹165. What were its costs (in ₹)?

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