Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 836 · 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.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
2. 2.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
3. 3.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
4. 4.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
7. 7.True or false: “one owner runs it” is true of a company. (a) False (b) True
8. 8.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
9. 9.A small business selling clay diyas had a revenue of ₹500 and a profit of ₹440. What were its costs (in ₹)?
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) one owner runs it (d) a separate legal body
11. 11.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
12. 12.A small business sells 15 potted plants at ₹40 each. Its costs are ₹300. What is its profit (in ₹)?
13. 13.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
14. 14.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
15. 15.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) simplest to start
16. 16.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
17. 17.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
18. 18.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
19. 19.A small business sells 48 potted plants at ₹50 each. What is its revenue (in ₹)?
20. 20.A small business selling cups of lemonade had a revenue of ₹360 and a profit of ₹170. What were its costs (in ₹)?
21. 21.A small business sells 25 bags of popcorn at ₹35 each. Its costs are ₹350. What is its profit (in ₹)?
22. 22.A small business sells 33 friendship bands at ₹50 each. What is its revenue (in ₹)?
23. 23.A small business sells 24 cupcakes at ₹20 each. Its costs are ₹130. What is its profit (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
25. 25.True or false: “owned by shareholders” is true of a company. (a) True (b) False
26. 26.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
27. 27.A small business selling paper bookmarks had a revenue of ₹700 and a profit of ₹180. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
29. 29.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
30. 30.A small business selling cups of lemonade had a revenue of ₹800 and a profit of ₹380. What were its costs (in ₹)?
31. 31.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
32. 32.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
34. 34.A small business sells 59 painted pebbles at ₹5 each. What is its revenue (in ₹)?
35. 35.A small business sells 17 jute bags at ₹50 each. What is its revenue (in ₹)?
36. 36.True or false: “run by directors” is true of a sole trader. (a) True (b) False
37. 37.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) run by directors (d) simplest to start
38. 38.A small business selling bags of popcorn had a revenue of ₹1680 and a profit of ₹1170. What were its costs (in ₹)?
39. 39.A small business sells 15 potted plants at ₹20 each. Its costs are ₹110. What is its profit (in ₹)?
40. 40.A small business sells 19 glasses of chai at ₹15 each. What is its revenue (in ₹)?

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