Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 803 · 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.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
2. 2.True or false: “simplest to start” is true of a company. (a) True (b) False
3. 3.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
4. 4.A small business selling glasses of chai had a revenue of ₹190 and a profit of ₹70. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owners’ risk is limited (d) run by directors
6. 6.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) one owner runs it (d) owned by shareholders
7. 7.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
8. 8.A small business sells 38 clay diyas at ₹15 each. What is its revenue (in ₹)?
9. 9.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
10. 10.A small business selling cups of lemonade had a revenue of ₹2080 and a profit of ₹1390. What were its costs (in ₹)?
11. 11.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
12. 12.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
13. 13.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
14. 14.True or false: “run by directors” is true of a company. (a) False (b) True
15. 15.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
17. 17.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
18. 18.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
19. 19.A small business selling cups of lemonade had a revenue of ₹300 and a profit of ₹70. What were its costs (in ₹)?
20. 20.🏢 A company is owned by… (a) its customers (b) its suppliers (c) the government always (d) its shareholders
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
22. 22.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
23. 23.A small business selling cups of lemonade had a revenue of ₹2300 and a profit of ₹1260. What were its costs (in ₹)?
24. 24.A small business sells 46 jute bags at ₹45 each. What is its revenue (in ₹)?
25. 25.A small business sells 24 handmade cards at ₹20 each. What is its revenue (in ₹)?
26. 26.A small business sells 28 handmade cards at ₹10 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
28. 28.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
29. 29.A small business selling cups of lemonade had a revenue of ₹135 and a profit of ₹65. What were its costs (in ₹)?
30. 30.A small business sells 39 fruit cups at ₹40 each. What is its revenue (in ₹)?
31. 31.A small business sells 53 bags of popcorn at ₹30 each. Its costs are ₹390. What is its profit (in ₹)?
32. 32.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) one owner runs it (d) owner owes the debts
33. 33.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
34. 34.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
35. 35.A small business selling handmade cards had a revenue of ₹125 and a profit of ₹35. What were its costs (in ₹)?
36. 36.A small business sells 32 potted plants at ₹30 each. What is its revenue (in ₹)?
37. 37.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
38. 38.True or false: “owned by shareholders” is true of a company. (a) True (b) False
39. 39.True or false: “owner owes the debts” is true of a company. (a) False (b) True
40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True

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