Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 849 · 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) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) owned by shareholders
2. 2.A small business sells 51 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner owes the debts
4. 4.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) simplest to start
5. 5.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) a separate legal body (d) one owner runs it
6. 6.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) a separate legal body
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
10. 10.True or false: “one owner runs it” is true of a company. (a) False (b) True
11. 11.A small business selling fruit cups had a revenue of ₹825 and a profit of ₹675. What were its costs (in ₹)?
12. 12.True or false: “owner owes the debts” is true of a company. (a) True (b) False
13. 13.📜 Who should explain tax or legal rules for a business? (a) nobody (b) an adult or an expert (c) a classmate (d) a random video
14. 14.A small business sells 44 clay diyas at ₹40 each. Its costs are ₹590. What is its profit (in ₹)?
15. 15.True or false: “simplest to start” is true of a company. (a) False (b) True
16. 16.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
17. 17.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
18. 18.A small business sells 13 potted plants at ₹15 each. Its costs are ₹110. What is its profit (in ₹)?
19. 19.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
20. 20.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
21. 21.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
22. 22.A small business sells 39 handmade cards at ₹15 each. Its costs are ₹430. What is its profit (in ₹)?
23. 23.A small business sells 58 clay diyas at ₹5 each. Its costs are ₹110. What is its profit (in ₹)?
24. 24.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) a separate legal body
25. 25.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
26. 26.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
27. 27.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
28. 28.🏢 A company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
29. 29.A small business selling clay diyas had a revenue of ₹240 and a profit of ₹220. What were its costs (in ₹)?
30. 30.A small business sells 60 fruit cups at ₹25 each. Its costs are ₹150. What is its profit (in ₹)?
31. 31.A small business selling glasses of chai had a revenue of ₹200 and a profit of ₹40. What were its costs (in ₹)?
32. 32.A small business sells 42 handmade cards at ₹15 each. What is its revenue (in ₹)?
33. 33.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
34. 34.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
35. 35.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
37. 37.A small business sells 42 potted plants at ₹20 each. What is its revenue (in ₹)?
38. 38.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
39. 39.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
40. 40.A small business sells 53 handmade cards at ₹5 each. What is its revenue (in ₹)?

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