Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 909 · 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: “one owner runs it” is true of a company. (a) False (b) True
2. 2.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) one owner runs it (d) a separate legal body
3. 3.📊 Revenue minus costs equals… (a) profit (b) price (c) stock (d) revenue
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
5. 5.A small business sells 45 bags of popcorn at ₹45 each. Its costs are ₹380. What is its profit (in ₹)?
6. 6.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
7. 7.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) a separate legal body
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
9. 9.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
10. 10.A small business sells 56 fruit cups at ₹20 each. Its costs are ₹320. What is its profit (in ₹)?
11. 11.True or false: “owner owes the debts” is true of a company. (a) True (b) False
12. 12.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) a separate legal body (d) one owner runs it
13. 13.A small business selling painted pebbles had a revenue of ₹240 and a profit of ₹110. What were its costs (in ₹)?
14. 14.A small business selling handmade cards had a revenue of ₹1530 and a profit of ₹1370. What were its costs (in ₹)?
15. 15.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
16. 16.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
17. 17.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
18. 18.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner owes the debts (d) simplest to start
19. 19.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
20. 20.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
21. 21.A small business sells 19 painted pebbles at ₹35 each. What is its revenue (in ₹)?
22. 22.A small business sells 57 glasses of chai at ₹50 each. What is its revenue (in ₹)?
23. 23.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
24. 24.A small business sells 13 potted plants at ₹35 each. What is its revenue (in ₹)?
25. 25.A small business sells 23 jute bags at ₹45 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.A small business sells 38 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
29. 29.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
30. 30.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) one owner runs it
31. 31.A small business selling paper bookmarks had a revenue of ₹460 and a profit of ₹70. What were its costs (in ₹)?
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
33. 33.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
34. 34.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
35. 35.A small business sells 22 bags of popcorn at ₹25 each. Its costs are ₹360. What is its profit (in ₹)?
36. 36.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
37. 37.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
38. 38.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) a separate legal body
39. 39.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
40. 40.A small business sells 47 painted pebbles at ₹35 each. Its costs are ₹410. What is its profit (in ₹)?

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