Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 851 · 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 sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
2. 2.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
3. 3.A small business sells 31 paper bookmarks at ₹35 each. Its costs are ₹430. What is its profit (in ₹)?
4. 4.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
5. 5.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) run by directors
6. 6.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
7. 7.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
8. 8.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) owned by shareholders
9. 9.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
10. 10.True or false: “run by directors” is true of a company. (a) False (b) True
11. 11.A small business selling clay diyas had a revenue of ₹80 and a profit of ₹60. What were its costs (in ₹)?
12. 12.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owned by shareholders (d) one owner runs it
13. 13.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
14. 14.Which of these is true of a company? (a) one owner runs it (b) owners’ risk is limited (c) simplest to start (d) owner keeps all profit
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
16. 16.A small business sells 14 paper bookmarks at ₹40 each. Its costs are ₹90. What is its profit (in ₹)?
17. 17.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
18. 18.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
19. 19.A small business selling cupcakes had a revenue of ₹750 and a profit of ₹200. What were its costs (in ₹)?
20. 20.A small business sells 17 potted plants at ₹25 each. Its costs are ₹50. What is its profit (in ₹)?
21. 21.A small business sells 30 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
22. 22.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
23. 23.A small business selling cups of lemonade had a revenue of ₹1880 and a profit of ₹980. What were its costs (in ₹)?
24. 24.A small business sells 37 cups of lemonade at ₹10 each. Its costs are ₹20. What is its profit (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) run by directors (d) owners’ risk is limited
26. 26.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
27. 27.A small business sells 41 handmade cards at ₹10 each. What is its revenue (in ₹)?
28. 28.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
29. 29.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
30. 30.A small business selling cups of lemonade had a revenue of ₹310 and a profit of ₹30. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
32. 32.A small business sells 17 fruit cups at ₹15 each. Its costs are ₹80. What is its profit (in ₹)?
33. 33.True or false: “run by directors” is true of a sole trader. (a) False (b) True
34. 34.A small business selling cups of lemonade had a revenue of ₹170 and a profit of ₹150. What were its costs (in ₹)?
35. 35.A small business sells 53 painted pebbles at ₹35 each. Its costs are ₹360. What is its profit (in ₹)?
36. 36.A small business selling clay diyas had a revenue of ₹1215 and a profit of ₹625. What were its costs (in ₹)?
37. 37.A small business selling glasses of chai had a revenue of ₹2120 and a profit of ₹960. What were its costs (in ₹)?
38. 38.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) run by directors
39. 39.A small business sells 48 cups of lemonade at ₹50 each. Its costs are ₹730. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company

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