Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 759 · 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: left after all costs? (a) revenue (b) profit
2. 2.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) simplest to start (d) a separate legal body
6. 6.A small business sells 18 painted pebbles at ₹25 each. What is its revenue (in ₹)?
7. 7.A small business sells 44 bags of popcorn at ₹25 each. Its costs are ₹500. What is its profit (in ₹)?
8. 8.🏢 Sole trader or company: owner owes the debts? (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.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) one owner runs it (d) run by directors
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) owners’ risk is limited
13. 13.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
14. 14.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
15. 15.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) simplest to start
16. 16.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
20. 20.Which of these is true of a company? (a) one owner runs it (b) a separate legal body (c) owner owes the debts (d) owner keeps all profit
21. 21.A small business sells 57 handmade cards at ₹50 each. Its costs are ₹1600. What is its profit (in ₹)?
22. 22.A small business selling cupcakes had a revenue of ₹375 and a profit of ₹15. What were its costs (in ₹)?
23. 23.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owned by shareholders
24. 24.A small business selling bags of popcorn had a revenue of ₹1400 and a profit of ₹700. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
26. 26.True or false: “a separate legal body” is true of a company. (a) False (b) True
27. 27.True or false: “owner owes the debts” is true of a company. (a) True (b) False
28. 28.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
29. 29.A small business sells 41 cups of lemonade at ₹10 each. Its costs are ₹190. What is its profit (in ₹)?
30. 30.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
31. 31.A small business selling friendship bands had a revenue of ₹280 and a profit of ₹160. What were its costs (in ₹)?
32. 32.A small business sells 52 handmade cards at ₹5 each. Its costs are ₹180. What is its profit (in ₹)?
33. 33.A small business sells 54 friendship bands at ₹10 each. Its costs are ₹440. What is its profit (in ₹)?
34. 34.A small business selling clay diyas had a revenue of ₹320 and a profit of ₹100. What were its costs (in ₹)?
35. 35.True or false: “simplest to start” is true of a company. (a) True (b) False
36. 36.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
37. 37.A small business sells 54 paper bookmarks at ₹20 each. Its costs are ₹950. What is its profit (in ₹)?
38. 38.True or false: “one owner runs it” is true of a company. (a) True (b) False
39. 39.A small business sells 15 clay diyas at ₹45 each. What is its revenue (in ₹)?
40. 40.📊 Revenue or profit: all money from sales? (a) profit (b) revenue

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