Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 902 · 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: price × number sold? (a) revenue (b) profit
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
3. 3.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
4. 4.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) owner owes the debts (d) one owner runs it
5. 5.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner owes the debts (d) owned by shareholders
6. 6.True or false: “owned by shareholders” is true of a company. (a) False (b) True
7. 7.True or false: “one owner runs it” is true of a company. (a) False (b) True
8. 8.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
9. 9.A small business sells 16 jute bags at ₹50 each. What is its revenue (in ₹)?
10. 10.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
11. 11.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
12. 12.True or false: “run by directors” is true of a company. (a) False (b) True
13. 13.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
14. 14.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
15. 15.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody
16. 16.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
17. 17.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner owes the debts (d) owned by shareholders
18. 18.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
19. 19.Which of these is true of a sole trader? (a) a separate legal body (b) owner keeps all profit (c) owned by shareholders (d) owners’ risk is limited
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
21. 21.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
22. 22.A small business sells 23 clay diyas at ₹15 each. Its costs are ₹280. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
24. 24.A small business selling glasses of chai had a revenue of ₹550 and a profit of ₹40. What were its costs (in ₹)?
25. 25.A small business sells 58 cupcakes at ₹10 each. What is its revenue (in ₹)?
26. 26.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
27. 27.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
28. 28.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
29. 29.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
30. 30.A small business selling fruit cups had a revenue of ₹95 and a profit of ₹35. What were its costs (in ₹)?
31. 31.A small business sells 20 clay diyas at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
32. 32.A small business sells 21 fruit cups at ₹5 each. What is its revenue (in ₹)?
33. 33.A small business sells 36 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
34. 34.A small business sells 34 potted plants at ₹10 each. What is its revenue (in ₹)?
35. 35.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
36. 36.A small business sells 36 cups of lemonade at ₹50 each. Its costs are ₹580. What is its profit (in ₹)?
37. 37.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
38. 38.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
39. 39.A small business sells 50 cups of lemonade at ₹50 each. Its costs are ₹1700. What is its profit (in ₹)?
40. 40.A small business selling paper bookmarks had a revenue of ₹560 and a profit of ₹550. What were its costs (in ₹)?

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