Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 751 · 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.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
2. 2.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) one owner runs it
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.A small business selling painted pebbles had a revenue of ₹1155 and a profit of ₹145. What were its costs (in ₹)?
5. 5.A small business sells 50 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) simplest to start
7. 7.A small business sells 48 cups of lemonade at ₹30 each. Its costs are ₹310. What is its profit (in ₹)?
8. 8.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
9. 9.A small business selling paper bookmarks had a revenue of ₹930 and a profit of ₹30. What were its costs (in ₹)?
10. 10.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
11. 11.A small business sells 56 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
12. 12.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owned by shareholders (d) owners’ risk is limited
13. 13.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
15. 15.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
16. 16.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
17. 17.True or false: “owned by shareholders” is true of a company. (a) True (b) False
18. 18.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
19. 19.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
20. 20.A small business selling fruit cups had a revenue of ₹360 and a profit of ₹80. What were its costs (in ₹)?
21. 21.A small business sells 55 potted plants at ₹15 each. What is its revenue (in ₹)?
22. 22.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
23. 23.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owned by shareholders (d) run by directors
24. 24.A small business sells 56 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
25. 25.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) owned by shareholders
26. 26.A small business sells 17 painted pebbles at ₹30 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
28. 28.A small business sells 46 handmade cards at ₹5 each. Its costs are ₹40. What is its profit (in ₹)?
29. 29.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
30. 30.A small business selling painted pebbles had a revenue of ₹2050 and a profit of ₹1520. What were its costs (in ₹)?
31. 31.True or false: “simplest to start” is true of a company. (a) True (b) False
32. 32.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
33. 33.A small business sells 45 bags of popcorn at ₹45 each. Its costs are ₹200. What is its profit (in ₹)?
34. 34.A small business selling potted plants had a revenue of ₹300 and a profit of ₹180. What were its costs (in ₹)?
35. 35.A small business sells 10 potted plants at ₹50 each. Its costs are ₹400. What is its profit (in ₹)?
36. 36.A small business sells 54 cups of lemonade at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
38. 38.Which of these is true of a company? (a) simplest to start (b) run by directors (c) one owner runs it (d) owner owes the debts
39. 39.A small business sells 20 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
40. 40.A small business selling glasses of chai had a revenue of ₹250 and a profit of ₹210. What were its costs (in ₹)?

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