Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 76 · 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.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) one owner runs it (d) owners’ risk is limited
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.A small business sells 20 clay diyas at ₹45 each. Its costs are ₹780. What is its profit (in ₹)?
4. 4.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
5. 5.A small business sells 46 handmade cards at ₹20 each. What is its revenue (in ₹)?
6. 6.True or false: “owned by shareholders” is true of a company. (a) True (b) False
7. 7.A small business selling handmade cards had a revenue of ₹1160 and a profit of ₹800. What were its costs (in ₹)?
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) owner owes the debts (d) simplest to start
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
10. 10.A small business sells 10 cupcakes at ₹45 each. Its costs are ₹150. What is its profit (in ₹)?
11. 11.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
12. 12.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
13. 13.A small business selling painted pebbles had a revenue of ₹570 and a profit of ₹430. What were its costs (in ₹)?
14. 14.A small business sells 35 fruit cups at ₹10 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
16. 16.A small business sells 52 cups of lemonade at ₹15 each. Its costs are ₹470. What is its profit (in ₹)?
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) a separate legal body
18. 18.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
19. 19.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
20. 20.A small business sells 16 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
21. 21.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) simplest to start
22. 22.A small business sells 29 handmade cards at ₹10 each. What is its revenue (in ₹)?
23. 23.A small business selling clay diyas had a revenue of ₹630 and a profit of ₹530. What were its costs (in ₹)?
24. 24.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
25. 25.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
26. 26.A small business sells 18 potted plants at ₹20 each. Its costs are ₹210. What is its profit (in ₹)?
27. 27.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
28. 28.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
29. 29.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
30. 30.A small business sells 46 fruit cups at ₹35 each. What is its revenue (in ₹)?
31. 31.A small business sells 50 cupcakes at ₹25 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
33. 33.A small business sells 15 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
34. 34.A small business sells 19 handmade cards at ₹30 each. Its costs are ₹470. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
36. 36.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
37. 37.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
38. 38.True or false: “owner owes the debts” is true of a company. (a) True (b) False
39. 39.A small business selling clay diyas had a revenue of ₹200 and a profit of ₹110. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) owner keeps all profit

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