Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 691 · 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) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) run by directors
2. 2.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
3. 3.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
4. 4.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
5. 5.True or false: “one owner runs it” is true of a company. (a) False (b) True
6. 6.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) run by directors (d) owners’ risk is limited
7. 7.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
8. 8.A small business sells 48 friendship bands at ₹15 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
10. 10.A small business sells 14 cups of lemonade at ₹40 each. Its costs are ₹300. What is its profit (in ₹)?
11. 11.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
12. 12.A small business selling paper bookmarks had a revenue of ₹350 and a profit of ₹340. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
15. 15.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) nobody (d) a classmate
16. 16.A small business sells 24 cupcakes at ₹20 each. What is its revenue (in ₹)?
17. 17.A small business sells 22 handmade cards at ₹40 each. Its costs are ₹70. What is its profit (in ₹)?
18. 18.A small business sells 53 handmade cards at ₹40 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
20. 20.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
21. 21.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
22. 22.True or false: “run by directors” is true of a sole trader. (a) True (b) False
23. 23.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
24. 24.A small business selling bags of popcorn had a revenue of ₹220 and a profit of ₹90. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
26. 26.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
27. 27.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
28. 28.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
29. 29.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
30. 30.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
31. 31.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
32. 32.A small business selling cups of lemonade had a revenue of ₹380 and a profit of ₹180. What were its costs (in ₹)?
33. 33.A small business selling fruit cups had a revenue of ₹440 and a profit of ₹270. What were its costs (in ₹)?
34. 34.True or false: “owner owes the debts” is true of a company. (a) False (b) True
35. 35.A small business sells 27 handmade cards at ₹10 each. What is its revenue (in ₹)?
36. 36.A small business sells 56 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
37. 37.A small business selling handmade cards had a revenue of ₹480 and a profit of ₹210. What were its costs (in ₹)?
38. 38.A small business sells 20 cups of lemonade at ₹50 each. Its costs are ₹250. What is its profit (in ₹)?
39. 39.A small business sells 10 clay diyas at ₹45 each. Its costs are ₹40. What is its profit (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True

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