Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 908 · 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.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
2. 2.A small business sells 37 potted plants at ₹35 each. What is its revenue (in ₹)?
3. 3.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
5. 5.A small business sells 28 paper bookmarks at ₹20 each. Its costs are ₹430. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
7. 7.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) owners’ risk is limited (d) owned by shareholders
10. 10.A small business selling clay diyas had a revenue of ₹1440 and a profit of ₹1130. What were its costs (in ₹)?
11. 11.A small business sells 42 glasses of chai at ₹5 each. What is its revenue (in ₹)?
12. 12.A small business sells 35 friendship bands at ₹40 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
14. 14.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) owned by shareholders
15. 15.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) a separate legal body (d) simplest to start
16. 16.A small business sells 42 cupcakes at ₹30 each. What is its revenue (in ₹)?
17. 17.A small business sells 49 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
18. 18.A small business sells 42 fruit cups at ₹20 each. Its costs are ₹790. What is its profit (in ₹)?
19. 19.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
20. 20.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
21. 21.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.A small business sells 16 handmade cards at ₹30 each. Its costs are ₹100. What is its profit (in ₹)?
24. 24.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) simplest to start (d) one owner runs it
25. 25.True or false: “owned by shareholders” is true of a company. (a) False (b) True
26. 26.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
27. 27.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
28. 28.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
29. 29.A small business selling handmade cards had a revenue of ₹190 and a profit of ₹70. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
31. 31.A small business sells 31 potted plants at ₹25 each. What is its revenue (in ₹)?
32. 32.True or false: “simplest to start” is true of a company. (a) False (b) True
33. 33.A small business sells 20 cups of lemonade at ₹30 each. What is its revenue (in ₹)?
34. 34.A small business sells 11 jute bags at ₹45 each. Its costs are ₹140. What is its profit (in ₹)?
35. 35.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
36. 36.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
37. 37.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) owned by shareholders
38. 38.A small business sells 54 cups of lemonade at ₹35 each. Its costs are ₹1300. What is its profit (in ₹)?
39. 39.True or false: “one owner runs it” is true of a company. (a) True (b) False
40. 40.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue

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