Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 754 · 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: revenue minus costs? (a) revenue (b) profit
2. 2.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
3. 3.True or false: “a separate legal body” is true of a company. (a) False (b) True
4. 4.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
5. 5.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
6. 6.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
8. 8.A small business selling fruit cups had a revenue of ₹1530 and a profit of ₹180. What were its costs (in ₹)?
9. 9.A small business sells 52 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) owners’ risk is limited
11. 11.A small business sells 51 jute bags at ₹25 each. What is its revenue (in ₹)?
12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
13. 13.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
14. 14.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
15. 15.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
16. 16.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) simplest to start
18. 18.A small business sells 30 fruit cups at ₹40 each. Its costs are ₹350. What is its profit (in ₹)?
19. 19.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
20. 20.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) run by directors (d) owner keeps all profit
21. 21.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
22. 22.A small business sells 54 handmade cards at ₹5 each. What is its revenue (in ₹)?
23. 23.A small business sells 44 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
24. 24.A small business sells 24 jute bags at ₹10 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
27. 27.A small business sells 59 glasses of chai at ₹5 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
29. 29.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
30. 30.A small business selling cups of lemonade had a revenue of ₹400 and a profit of ₹240. What were its costs (in ₹)?
31. 31.A small business sells 40 cups of lemonade at ₹35 each. Its costs are ₹620. What is its profit (in ₹)?
32. 32.A small business sells 51 cupcakes at ₹30 each. What is its revenue (in ₹)?
33. 33.True or false: “run by directors” is true of a company. (a) False (b) True
34. 34.A small business sells 25 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
35. 35.True or false: “one owner runs it” is true of a company. (a) True (b) False
36. 36.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
37. 37.A small business sells 56 friendship bands at ₹30 each. Its costs are ₹1000. What is its profit (in ₹)?
38. 38.A small business sells 41 handmade cards at ₹20 each. What is its revenue (in ₹)?
39. 39.A small business selling potted plants had a revenue of ₹1035 and a profit of ₹255. What were its costs (in ₹)?
40. 40.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) owned by shareholders (d) a separate legal body

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