Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 661 · 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 minus costs equals… (a) price (b) profit (c) revenue (d) stock
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.True or false: “run by directors” is true of a sole trader. (a) False (b) True
4. 4.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (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) only at night (c) only with adult help (d) yes, no one needed
6. 6.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
7. 7.A small business sells 27 jute bags at ₹10 each. What is its revenue (in ₹)?
8. 8.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
9. 9.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) run by directors
10. 10.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
11. 11.A small business selling potted plants had a revenue of ₹55 and a profit of ₹15. What were its costs (in ₹)?
12. 12.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) owners’ risk is limited
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
14. 14.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
15. 15.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) run by directors
17. 17.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
18. 18.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
19. 19.A small business selling cups of lemonade had a revenue of ₹1820 and a profit of ₹260. What were its costs (in ₹)?
20. 20.A small business sells 31 painted pebbles at ₹15 each. Its costs are ₹190. What is its profit (in ₹)?
21. 21.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
22. 22.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
23. 23.A small business sells 39 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
24. 24.A small business sells 20 cupcakes at ₹20 each. Its costs are ₹300. What is its profit (in ₹)?
25. 25.A small business selling jute bags had a revenue of ₹2150 and a profit of ₹1360. What were its costs (in ₹)?
26. 26.True or false: “run by directors” is true of a company. (a) True (b) False
27. 27.A small business selling friendship bands had a revenue of ₹2750 and a profit of ₹180. What were its costs (in ₹)?
28. 28.A small business sells 56 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
29. 29.A small business sells 21 cups of lemonade at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
30. 30.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
31. 31.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
32. 32.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) simplest to start (d) run by directors
33. 33.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
34. 34.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
35. 35.A small business selling painted pebbles had a revenue of ₹720 and a profit of ₹640. What were its costs (in ₹)?
36. 36.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
37. 37.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
38. 38.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
39. 39.A small business sells 51 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
40. 40.A small business sells 15 bags of popcorn at ₹45 each. What is its revenue (in ₹)?

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