Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 679 · 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.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
2. 2.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
3. 3.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
4. 4.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
7. 7.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
8. 8.True or false: “owned by shareholders” is true of a company. (a) True (b) False
9. 9.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
10. 10.True or false: “simplest to start” is true of a company. (a) True (b) False
11. 11.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
12. 12.🎂 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
13. 13.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
15. 15.True or false: “one owner runs it” is true of a company. (a) True (b) False
16. 16.A small business sells 51 fruit cups at ₹25 each. What is its revenue (in ₹)?
17. 17.A small business selling friendship bands had a revenue of ₹900 and a profit of ₹520. What were its costs (in ₹)?
18. 18.A small business selling fruit cups had a revenue of ₹2200 and a profit of ₹2080. What were its costs (in ₹)?
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner keeps all profit
20. 20.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
21. 21.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
22. 22.A small business sells 32 glasses of chai at ₹10 each. What is its revenue (in ₹)?
23. 23.A small business sells 36 jute bags at ₹35 each. Its costs are ₹10. What is its profit (in ₹)?
24. 24.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
25. 25.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
26. 26.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
27. 27.A small business sells 10 painted pebbles at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
28. 28.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
29. 29.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
30. 30.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
31. 31.A small business sells 19 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
32. 32.A small business sells 57 paper bookmarks at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
33. 33.A small business sells 24 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) one owner runs it (d) owned by shareholders
35. 35.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
36. 36.A small business sells 57 paper bookmarks at ₹20 each. Its costs are ₹710. What is its profit (in ₹)?
37. 37.A small business sells 35 handmade cards at ₹15 each. What is its revenue (in ₹)?
38. 38.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
39. 39.A small business sells 40 clay diyas at ₹45 each. What is its revenue (in ₹)?
40. 40.A small business sells 56 glasses of chai at ₹15 each. Its costs are ₹100. What is its profit (in ₹)?

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