Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 799 · 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) a separate legal body (c) one owner runs it (d) owner keeps all profit
2. 2.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
3. 3.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
4. 4.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
7. 7.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
8. 8.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
9. 9.A small business sells 44 painted pebbles at ₹35 each. Its costs are ₹70. What is its profit (in ₹)?
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
11. 11.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
12. 12.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
13. 13.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
14. 14.👤 A sole trader is… (a) a school club (b) a bank (c) a one-owner business (d) a big company
15. 15.A small business sells 58 fruit cups at ₹25 each. What is its revenue (in ₹)?
16. 16.True or false: “run by directors” is true of a sole trader. (a) True (b) False
17. 17.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) run by directors
18. 18.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
19. 19.A small business selling glasses of chai had a revenue of ₹1840 and a profit of ₹1150. What were its costs (in ₹)?
20. 20.A small business selling paper bookmarks had a revenue of ₹495 and a profit of ₹185. What were its costs (in ₹)?
21. 21.A small business sells 14 painted pebbles at ₹5 each. What is its revenue (in ₹)?
22. 22.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
23. 23.A small business sells 44 fruit cups at ₹20 each. Its costs are ₹270. What is its profit (in ₹)?
24. 24.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owners’ risk is limited (d) owned by shareholders
25. 25.A small business sells 24 handmade cards at ₹50 each. Its costs are ₹340. What is its profit (in ₹)?
26. 26.A small business sells 20 jute bags at ₹50 each. What is its revenue (in ₹)?
27. 27.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
28. 28.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner keeps all profit (d) simplest to start
29. 29.A small business sells 25 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
30. 30.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
31. 31.A small business sells 27 cupcakes at ₹50 each. What is its revenue (in ₹)?
32. 32.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
33. 33.True or false: “run by directors” is true of a company. (a) True (b) False
34. 34.A small business sells 59 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
35. 35.A small business selling potted plants had a revenue of ₹2120 and a profit of ₹1800. What were its costs (in ₹)?
36. 36.True or false: “simplest to start” is true of a company. (a) False (b) True
37. 37.A small business sells 30 cupcakes at ₹5 each. Its costs are ₹90. What is its profit (in ₹)?
38. 38.A small business selling potted plants had a revenue of ₹400 and a profit of ₹240. What were its costs (in ₹)?
39. 39.A small business sells 45 glasses of chai at ₹20 each. What is its revenue (in ₹)?
40. 40.A small business sells 59 cups of lemonade at ₹15 each. What is its revenue (in ₹)?

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