Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 837 · 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.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
2. 2.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) simplest to start (d) owner owes the debts
3. 3.A small business selling handmade cards had a revenue of ₹2160 and a profit of ₹10. What were its costs (in ₹)?
4. 4.A small business sells 14 potted plants at ₹35 each. Its costs are ₹220. What is its profit (in ₹)?
5. 5.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
6. 6.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owners’ risk is limited
7. 7.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
8. 8.True or false: “owner owes the debts” is true of a company. (a) True (b) False
9. 9.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) run by directors (d) owner owes the debts
10. 10.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
11. 11.A small business selling cupcakes had a revenue of ₹550 and a profit of ₹470. What were its costs (in ₹)?
12. 12.🎂 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
13. 13.True or false: “simplest to start” is true of a company. (a) False (b) True
14. 14.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
15. 15.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
16. 16.A small business sells 11 fruit cups at ₹25 each. What is its revenue (in ₹)?
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 30 friendship bands at ₹20 each. Its costs are ₹380. What is its profit (in ₹)?
20. 20.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
21. 21.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owned by shareholders (d) simplest to start
22. 22.A small business selling cups of lemonade had a revenue of ₹310 and a profit of ₹100. What were its costs (in ₹)?
23. 23.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
24. 24.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
25. 25.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
26. 26.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
28. 28.A small business selling glasses of chai had a revenue of ₹585 and a profit of ₹155. What were its costs (in ₹)?
29. 29.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) run by directors
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
31. 31.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
32. 32.A small business sells 18 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
33. 33.A small business selling jute bags had a revenue of ₹630 and a profit of ₹140. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
35. 35.True or false: “one owner runs it” is true of a company. (a) False (b) True
36. 36.A small business sells 42 bags of popcorn at ₹40 each. Its costs are ₹1320. What is its profit (in ₹)?
37. 37.True or false: “owned by shareholders” is true of a company. (a) False (b) True
38. 38.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner keeps all profit
39. 39.A small business selling paper bookmarks had a revenue of ₹1400 and a profit of ₹1060. What were its costs (in ₹)?
40. 40.A small business sells 15 handmade cards at ₹50 each. Its costs are ₹420. What is its profit (in ₹)?

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