Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 75 · 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 or profit: goes up if costs fall? (a) revenue (b) profit
2. 2.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
3. 3.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
4. 4.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
5. 5.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
9. 9.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
10. 10.True or false: “one owner runs it” is true of a company. (a) True (b) False
11. 11.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
12. 12.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
15. 15.A small business selling cups of lemonade had a revenue of ₹480 and a profit of ₹380. What were its costs (in ₹)?
16. 16.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
17. 17.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
18. 18.A small business selling fruit cups had a revenue of ₹275 and a profit of ₹25. What were its costs (in ₹)?
19. 19.A small business sells 44 handmade cards at ₹15 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
21. 21.A small business sells 38 cups of lemonade at ₹50 each. Its costs are ₹1310. What is its profit (in ₹)?
22. 22.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owners’ risk is limited
24. 24.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
25. 25.A small business selling painted pebbles had a revenue of ₹1250 and a profit of ₹1150. What were its costs (in ₹)?
26. 26.A small business sells 38 paper bookmarks at ₹40 each. Its costs are ₹930. What is its profit (in ₹)?
27. 27.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
28. 28.True or false: “run by directors” is true of a company. (a) True (b) False
29. 29.A small business selling bags of popcorn had a revenue of ₹2700 and a profit of ₹1110. What were its costs (in ₹)?
30. 30.A small business selling handmade cards had a revenue of ₹1480 and a profit of ₹30. What were its costs (in ₹)?
31. 31.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
32. 32.A small business selling cupcakes had a revenue of ₹870 and a profit of ₹140. What were its costs (in ₹)?
33. 33.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
34. 34.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) owners’ risk is limited
35. 35.True or false: “owned by shareholders” is true of a company. (a) False (b) True
36. 36.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
37. 37.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
38. 38.A small business sells 25 paper bookmarks at ₹25 each. Its costs are ₹160. What is its profit (in ₹)?
39. 39.True or false: “run by directors” is true of a sole trader. (a) False (b) True
40. 40.True or false: “simplest to start” is true of a company. (a) True (b) False

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