Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 688 · 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.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
2. 2.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) one owner runs it (d) owner owes the debts
3. 3.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
4. 4.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
5. 5.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
6. 6.A small business sells 17 friendship bands at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
7. 7.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
8. 8.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
9. 9.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) run by directors
10. 10.A small business sells 39 fruit cups at ₹45 each. What is its revenue (in ₹)?
11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
12. 12.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.A small business sells 20 handmade cards at ₹20 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
16. 16.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
17. 17.A small business selling cupcakes had a revenue of ₹950 and a profit of ₹930. What were its costs (in ₹)?
18. 18.A small business sells 17 fruit cups at ₹25 each. Its costs are ₹240. What is its profit (in ₹)?
19. 19.A small business selling handmade cards had a revenue of ₹2350 and a profit of ₹710. What were its costs (in ₹)?
20. 20.A small business selling handmade cards had a revenue of ₹180 and a profit of ₹20. What were its costs (in ₹)?
21. 21.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
22. 22.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owned by shareholders
23. 23.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) simplest to start
25. 25.A small business sells 54 potted plants at ₹25 each. Its costs are ₹1220. What is its profit (in ₹)?
26. 26.A small business selling glasses of chai had a revenue of ₹720 and a profit of ₹430. What were its costs (in ₹)?
27. 27.A small business sells 34 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
28. 28.A small business sells 57 jute bags at ₹20 each. What is its revenue (in ₹)?
29. 29.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
30. 30.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
31. 31.A small business sells 50 clay diyas at ₹35 each. Its costs are ₹890. What is its profit (in ₹)?
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
34. 34.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
35. 35.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
36. 36.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
37. 37.A small business sells 54 handmade cards at ₹50 each. Its costs are ₹1540. What is its profit (in ₹)?
38. 38.A small business selling cupcakes had a revenue of ₹200 and a profit of ₹30. What were its costs (in ₹)?
39. 39.A small business sells 34 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
40. 40.A small business sells 30 handmade cards at ₹50 each. What is its revenue (in ₹)?

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