Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 823 · 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: “a separate legal body” is true of a company. (a) False (b) True
2. 2.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
3. 3.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
4. 4.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owned by shareholders (d) owner keeps all profit
5. 5.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
6. 6.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
7. 7.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
8. 8.A small business sells 56 cupcakes at ₹20 each. Its costs are ₹110. What is its profit (in ₹)?
9. 9.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
10. 10.A small business sells 18 glasses of chai at ₹25 each. What is its revenue (in ₹)?
11. 11.True or false: “owned by shareholders” is true of a company. (a) True (b) False
12. 12.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
13. 13.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) simplest to start (d) one owner runs it
14. 14.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
15. 15.A small business selling friendship bands had a revenue of ₹810 and a profit of ₹660. What were its costs (in ₹)?
16. 16.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
17. 17.A small business sells 44 paper bookmarks at ₹45 each. Its costs are ₹1490. What is its profit (in ₹)?
18. 18.A small business sells 23 handmade cards at ₹15 each. What is its revenue (in ₹)?
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) run by directors (d) owners’ risk is limited
20. 20.A small business sells 41 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
21. 21.A small business sells 34 clay diyas at ₹15 each. What is its revenue (in ₹)?
22. 22.A small business sells 13 jute bags at ₹25 each. Its costs are ₹250. What is its profit (in ₹)?
23. 23.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
24. 24.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) run by directors (d) owned by shareholders
25. 25.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
26. 26.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
27. 27.A small business sells 32 handmade cards at ₹25 each. What is its revenue (in ₹)?
28. 28.A small business sells 27 jute bags at ₹45 each. What is its revenue (in ₹)?
29. 29.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
30. 30.A small business selling bags of popcorn had a revenue of ₹340 and a profit of ₹310. What were its costs (in ₹)?
31. 31.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
32. 32.A small business sells 19 bags of popcorn at ₹35 each. Its costs are ₹250. What is its profit (in ₹)?
33. 33.Which of these is true of a company? (a) simplest to start (b) owners’ risk is limited (c) one owner runs it (d) owner keeps all profit
34. 34.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
35. 35.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
36. 36.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
37. 37.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 48 fruit cups at ₹35 each. What is its revenue (in ₹)?
39. 39.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
40. 40.A small business sells 25 handmade cards at ₹40 each. Its costs are ₹320. What is its profit (in ₹)?

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