Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 87 · 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.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
2. 2.🎂 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
3. 3.A small business sells 15 painted pebbles at ₹50 each. Its costs are ₹10. What is its profit (in ₹)?
4. 4.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
5. 5.True or false: “run by directors” is true of a company. (a) True (b) False
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
7. 7.True or false: “simplest to start” is true of a company. (a) False (b) True
8. 8.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
9. 9.A small business selling cupcakes had a revenue of ₹1140 and a profit of ₹540. What were its costs (in ₹)?
10. 10.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
11. 11.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
12. 12.A small business selling friendship bands had a revenue of ₹810 and a profit of ₹210. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
14. 14.A small business sells 14 fruit cups at ₹30 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
16. 16.A small business sells 16 cups of lemonade at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
17. 17.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
18. 18.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
19. 19.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
20. 20.A small business sells 56 glasses of chai at ₹20 each. Its costs are ₹1010. What is its profit (in ₹)?
21. 21.A small business sells 17 paper bookmarks at ₹20 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owners’ risk is limited (d) a separate legal body
23. 23.📊 Revenue minus costs equals… (a) revenue (b) stock (c) price (d) profit
24. 24.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
25. 25.A small business sells 40 glasses of chai at ₹40 each. What is its revenue (in ₹)?
26. 26.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
27. 27.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
28. 28.A small business sells 51 painted pebbles at ₹35 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
31. 31.A small business sells 20 potted plants at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
33. 33.A small business sells 40 potted plants at ₹25 each. Its costs are ₹280. What is its profit (in ₹)?
34. 34.A small business sells 24 glasses of chai at ₹15 each. What is its revenue (in ₹)?
35. 35.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
36. 36.A small business selling painted pebbles had a revenue of ₹380 and a profit of ₹90. What were its costs (in ₹)?
37. 37.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
38. 38.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
39. 39.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
40. 40.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers

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