Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 634 · 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: “simplest to start” is true of a company. (a) False (b) True
2. 2.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts
3. 3.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) owners’ risk is limited
4. 4.Which of these is true of a company? (a) simplest to start (b) run by directors (c) one owner runs it (d) owner owes the debts
5. 5.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
6. 6.A small business sells 42 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
7. 7.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
9. 9.A small business selling cupcakes had a revenue of ₹1800 and a profit of ₹750. What were its costs (in ₹)?
10. 10.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
11. 11.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
12. 12.A small business selling cupcakes had a revenue of ₹825 and a profit of ₹455. What were its costs (in ₹)?
13. 13.A small business selling clay diyas had a revenue of ₹200 and a profit of ₹150. What were its costs (in ₹)?
14. 14.A small business selling handmade cards had a revenue of ₹130 and a profit of ₹30. What were its costs (in ₹)?
15. 15.A small business sells 15 potted plants at ₹15 each. Its costs are ₹20. What is its profit (in ₹)?
16. 16.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owned by shareholders (d) a separate legal body
17. 17.A small business sells 10 glasses of chai at ₹15 each. Its costs are ₹50. What is its profit (in ₹)?
18. 18.A small business selling paper bookmarks had a revenue of ₹330 and a profit of ₹180. What were its costs (in ₹)?
19. 19.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
20. 20.A small business sells 43 glasses of chai at ₹10 each. What is its revenue (in ₹)?
21. 21.🏢 A company is owned by… (a) its shareholders (b) its customers (c) its suppliers (d) the government always
22. 22.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
23. 23.🎂 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
24. 24.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
25. 25.True or false: “run by directors” is true of a sole trader. (a) False (b) True
26. 26.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
27. 27.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
28. 28.A small business selling glasses of chai had a revenue of ₹95 and a profit of ₹85. What were its costs (in ₹)?
29. 29.A small business selling cupcakes had a revenue of ₹675 and a profit of ₹455. What were its costs (in ₹)?
30. 30.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
31. 31.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
32. 32.True or false: “a separate legal body” is true of a company. (a) True (b) False
33. 33.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
34. 34.A small business sells 25 friendship bands at ₹35 each. Its costs are ₹690. What is its profit (in ₹)?
35. 35.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
37. 37.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
38. 38.A small business sells 42 glasses of chai at ₹35 each. What is its revenue (in ₹)?
39. 39.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owners’ risk is limited (d) run by directors
40. 40.A small business sells 41 cupcakes at ₹30 each. Its costs are ₹100. What is its profit (in ₹)?

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