Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 904 · 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: all money from sales? (a) profit (b) revenue
2. 2.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
3. 3.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
4. 4.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
5. 5.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
6. 6.A small business selling cups of lemonade had a revenue of ₹680 and a profit of ₹70. What were its costs (in ₹)?
7. 7.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
8. 8.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
9. 9.A small business selling handmade cards had a revenue of ₹720 and a profit of ₹400. What were its costs (in ₹)?
10. 10.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
12. 12.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
13. 13.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
14. 14.A small business sells 30 friendship bands at ₹30 each. What is its revenue (in ₹)?
15. 15.Which of these is true of a sole trader? (a) owned by shareholders (b) simplest to start (c) a separate legal body (d) owners’ risk is limited
16. 16.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
19. 19.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
20. 20.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
21. 21.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner keeps all profit
23. 23.A small business selling handmade cards had a revenue of ₹1500 and a profit of ₹930. What were its costs (in ₹)?
24. 24.A small business sells 36 potted plants at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
25. 25.A small business sells 31 cupcakes at ₹35 each. Its costs are ₹1050. What is its profit (in ₹)?
26. 26.True or false: “simplest to start” is true of a company. (a) False (b) True
27. 27.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) one owner runs it
29. 29.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
30. 30.A small business sells 27 clay diyas at ₹10 each. What is its revenue (in ₹)?
31. 31.A small business sells 19 handmade cards at ₹10 each. What is its revenue (in ₹)?
32. 32.A small business sells 54 painted pebbles at ₹50 each. What is its revenue (in ₹)?
33. 33.True or false: “owned by shareholders” is true of a company. (a) False (b) True
34. 34.A small business selling potted plants had a revenue of ₹115 and a profit of ₹25. What were its costs (in ₹)?
35. 35.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner keeps all profit
36. 36.A small business sells 33 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
38. 38.A small business selling jute bags had a revenue of ₹2240 and a profit of ₹1820. What were its costs (in ₹)?
39. 39.A small business sells 60 friendship bands at ₹10 each. Its costs are ₹570. What is its profit (in ₹)?
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True

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