Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 630 · 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: revenue minus costs? (a) profit (b) revenue
2. 2.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) one owner runs it (d) simplest to start
3. 3.A small business selling fruit cups had a revenue of ₹690 and a profit of ₹170. What were its costs (in ₹)?
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner keeps all profit
5. 5.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
6. 6.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) run by directors (d) owners’ risk is limited
7. 7.A small business sells 14 handmade cards at ₹30 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
9. 9.A small business selling potted plants had a revenue of ₹1120 and a profit of ₹210. What were its costs (in ₹)?
10. 10.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) owners’ risk is limited
11. 11.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
12. 12.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) a separate legal body
13. 13.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
14. 14.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
15. 15.True or false: “run by directors” is true of a company. (a) True (b) False
16. 16.A small business sells 14 cups of lemonade at ₹20 each. Its costs are ₹260. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
18. 18.A small business selling jute bags had a revenue of ₹470 and a profit of ₹310. What were its costs (in ₹)?
19. 19.True or false: “one owner runs it” is true of a company. (a) True (b) False
20. 20.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
21. 21.A small business selling painted pebbles had a revenue of ₹1020 and a profit of ₹40. What were its costs (in ₹)?
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
24. 24.A small business selling glasses of chai had a revenue of ₹1935 and a profit of ₹365. What were its costs (in ₹)?
25. 25.A small business sells 32 handmade cards at ₹40 each. Its costs are ₹1200. What is its profit (in ₹)?
26. 26.A small business sells 43 clay diyas at ₹20 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
28. 28.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
29. 29.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
30. 30.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
32. 32.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) one owner runs it (d) simplest to start
33. 33.True or false: “a separate legal body” is true of a company. (a) False (b) True
34. 34.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
35. 35.A small business selling fruit cups had a revenue of ₹600 and a profit of ₹190. What were its costs (in ₹)?
36. 36.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
37. 37.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
38. 38.A small business sells 39 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
39. 39.A small business sells 59 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company

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