Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 891 · 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.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
2. 2.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
3. 3.Which of these is true of a sole trader? (a) one owner runs it (b) owned by shareholders (c) a separate legal body (d) run by directors
4. 4.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner keeps all profit
5. 5.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
6. 6.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
8. 8.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
9. 9.A small business sells 12 clay diyas at ₹5 each. What is its revenue (in ₹)?
10. 10.A small business sells 48 potted plants at ₹45 each. Its costs are ₹740. What is its profit (in ₹)?
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
13. 13.A small business sells 54 paper bookmarks at ₹10 each. Its costs are ₹10. What is its profit (in ₹)?
14. 14.A small business sells 10 painted pebbles at ₹30 each. Its costs are ₹110. What is its profit (in ₹)?
15. 15.A small business sells 19 friendship bands at ₹40 each. Its costs are ₹30. What is its profit (in ₹)?
16. 16.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) simplest to start (d) owner owes the debts
17. 17.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
18. 18.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
19. 19.A small business sells 21 potted plants at ₹15 each. What is its revenue (in ₹)?
20. 20.True or false: “one owner runs it” is true of a company. (a) True (b) False
21. 21.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
22. 22.True or false: “simplest to start” is true of a company. (a) False (b) True
23. 23.A small business sells 16 glasses of chai at ₹30 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
25. 25.A small business sells 54 friendship bands at ₹20 each. What is its revenue (in ₹)?
26. 26.True or false: “owned by shareholders” is true of a company. (a) True (b) False
27. 27.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
28. 28.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
29. 29.A small business sells 31 painted pebbles at ₹40 each. Its costs are ₹420. What is its profit (in ₹)?
30. 30.A small business selling glasses of chai had a revenue of ₹800 and a profit of ₹500. What were its costs (in ₹)?
31. 31.A small business selling jute bags had a revenue of ₹1190 and a profit of ₹920. What were its costs (in ₹)?
32. 32.A small business sells 46 potted plants at ₹40 each. Its costs are ₹900. What is its profit (in ₹)?
33. 33.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) run by directors
34. 34.A small business sells 27 fruit cups at ₹10 each. What is its revenue (in ₹)?
35. 35.A small business sells 51 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
36. 36.A small business selling cupcakes had a revenue of ₹735 and a profit of ₹365. What were its costs (in ₹)?
37. 37.A small business sells 59 bags of popcorn at ₹40 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
39. 39.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
40. 40.A small business sells 23 friendship bands at ₹10 each. What is its revenue (in ₹)?

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