Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 658 · 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) simplest to start (b) one owner runs it (c) run by directors (d) owner owes the debts
2. 2.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
3. 3.A small business selling paper bookmarks had a revenue of ₹170 and a profit of ₹140. What were its costs (in ₹)?
4. 4.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owned by shareholders (d) a separate legal body
5. 5.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
6. 6.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) a separate legal body
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner owes the debts (d) a separate legal body
8. 8.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
9. 9.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
10. 10.🏢 A company is owned by… (a) its customers (b) its shareholders (c) its suppliers (d) the government always
11. 11.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
12. 12.A small business sells 23 fruit cups at ₹25 each. What is its revenue (in ₹)?
13. 13.A small business selling bags of popcorn had a revenue of ₹2300 and a profit of ₹260. What were its costs (in ₹)?
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) run by directors
15. 15.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
16. 16.A small business sells 54 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
17. 17.A small business selling cups of lemonade had a revenue of ₹220 and a profit of ₹30. What were its costs (in ₹)?
18. 18.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
19. 19.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
20. 20.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
21. 21.A small business sells 44 clay diyas at ₹10 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
23. 23.A small business sells 17 jute bags at ₹25 each. Its costs are ₹300. What is its profit (in ₹)?
24. 24.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
25. 25.A small business selling fruit cups had a revenue of ₹1040 and a profit of ₹600. What were its costs (in ₹)?
26. 26.A small business sells 54 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
27. 27.True or false: “one owner runs it” is true of a company. (a) False (b) True
28. 28.A small business selling glasses of chai had a revenue of ₹300 and a profit of ₹190. What were its costs (in ₹)?
29. 29.A small business sells 30 friendship bands at ₹20 each. Its costs are ₹470. What is its profit (in ₹)?
30. 30.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) simplest to start
31. 31.A small business sells 33 clay diyas at ₹35 each. What is its revenue (in ₹)?
32. 32.A small business sells 56 jute bags at ₹45 each. Its costs are ₹400. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
35. 35.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
36. 36.A small business selling handmade cards had a revenue of ₹1170 and a profit of ₹500. What were its costs (in ₹)?
37. 37.A small business sells 12 friendship bands at ₹45 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
39. 39.A small business sells 55 clay diyas at ₹10 each. What is its revenue (in ₹)?
40. 40.True or false: “simplest to start” is true of a sole trader. (a) False (b) True

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