Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 854 · 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: owner keeps all profit? (a) a sole trader (b) a company
2. 2.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
3. 3.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) run by directors (d) owners’ risk is limited
4. 4.A small business sells 49 fruit cups at ₹30 each. What is its revenue (in ₹)?
5. 5.A small business selling fruit cups had a revenue of ₹2160 and a profit of ₹2090. What were its costs (in ₹)?
6. 6.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
7. 7.True or false: “owned by shareholders” is true of a company. (a) True (b) False
8. 8.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
9. 9.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
10. 10.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
11. 11.True or false: “simplest to start” is true of a company. (a) True (b) False
12. 12.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
13. 13.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
14. 14.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
15. 15.A small business sells 20 potted plants at ₹35 each. Its costs are ₹60. What is its profit (in ₹)?
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
17. 17.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
18. 18.A small business sells 27 glasses of chai at ₹15 each. Its costs are ₹260. What is its profit (in ₹)?
19. 19.A small business sells 40 clay diyas at ₹30 each. What is its revenue (in ₹)?
20. 20.A small business sells 23 paper bookmarks at ₹10 each. Its costs are ₹170. What is its profit (in ₹)?
21. 21.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
22. 22.A small business sells 43 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
23. 23.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
24. 24.A small business selling glasses of chai had a revenue of ₹420 and a profit of ₹360. What were its costs (in ₹)?
25. 25.A small business sells 52 jute bags at ₹50 each. Its costs are ₹1860. What is its profit (in ₹)?
26. 26.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
27. 27.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) simplest to start (d) one owner runs it
28. 28.A small business sells 52 fruit cups at ₹35 each. What is its revenue (in ₹)?
29. 29.A small business sells 55 paper bookmarks at ₹5 each. What is its revenue (in ₹)?
30. 30.A small business sells 42 potted plants at ₹40 each. Its costs are ₹460. What is its profit (in ₹)?
31. 31.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) one owner runs it
32. 32.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
33. 33.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
34. 34.A small business selling glasses of chai had a revenue of ₹800 and a profit of ₹710. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
36. 36.A small business sells 33 handmade cards at ₹30 each. Its costs are ₹480. What is its profit (in ₹)?
37. 37.A small business selling clay diyas had a revenue of ₹760 and a profit of ₹430. What were its costs (in ₹)?
38. 38.A small business sells 21 cupcakes at ₹50 each. Its costs are ₹200. What is its profit (in ₹)?
39. 39.A small business selling handmade cards had a revenue of ₹630 and a profit of ₹60. What were its costs (in ₹)?
40. 40.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) run by directors

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