Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 756 · 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: all money from sales? (a) profit (b) revenue
2. 2.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
3. 3.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
4. 4.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
5. 5.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) run by directors (d) one owner runs it
6. 6.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
7. 7.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
8. 8.📜 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
9. 9.True or false: “owner owes the debts” is true of a company. (a) True (b) False
10. 10.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
11. 11.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
13. 13.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
14. 14.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner owes the debts
15. 15.A small business sells 26 friendship bands at ₹20 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
17. 17.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
18. 18.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
19. 19.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
20. 20.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
21. 21.A small business selling friendship bands had a revenue of ₹210 and a profit of ₹20. What were its costs (in ₹)?
22. 22.A small business selling painted pebbles had a revenue of ₹550 and a profit of ₹350. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
24. 24.A small business sells 33 friendship bands at ₹15 each. Its costs are ₹410. What is its profit (in ₹)?
25. 25.A small business sells 30 painted pebbles at ₹25 each. What is its revenue (in ₹)?
26. 26.A small business selling cupcakes had a revenue of ₹140 and a profit of ₹120. What were its costs (in ₹)?
27. 27.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
28. 28.A small business sells 45 potted plants at ₹20 each. What is its revenue (in ₹)?
29. 29.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
30. 30.A small business sells 33 handmade cards at ₹15 each. What is its revenue (in ₹)?
31. 31.True or false: “one owner runs it” is true of a company. (a) False (b) True
32. 32.A small business sells 31 friendship bands at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
33. 33.A small business sells 38 friendship bands at ₹30 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
35. 35.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
36. 36.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owned by shareholders (d) run by directors
37. 37.A small business sells 43 potted plants at ₹5 each. Its costs are ₹150. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
39. 39.A small business selling cups of lemonade had a revenue of ₹690 and a profit of ₹30. What were its costs (in ₹)?
40. 40.True or false: “simplest to start” is true of a company. (a) False (b) True

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