Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 91 · 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: “owners’ risk is limited” is true of a company. (a) False (b) True
2. 2.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
3. 3.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
4. 4.A small business sells 60 fruit cups at ₹5 each. Its costs are ₹230. What is its profit (in ₹)?
5. 5.A small business sells 11 handmade cards at ₹25 each. What is its revenue (in ₹)?
6. 6.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owner owes the debts (d) owned by shareholders
8. 8.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) one owner runs it (d) simplest to start
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
11. 11.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
12. 12.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
13. 13.A small business sells 43 cups of lemonade at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
14. 14.True or false: “one owner runs it” is true of a company. (a) False (b) True
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
16. 16.A small business sells 15 jute bags at ₹20 each. What is its revenue (in ₹)?
17. 17.True or false: “owner owes the debts” is true of a company. (a) False (b) True
18. 18.True or false: “run by directors” is true of a company. (a) False (b) True
19. 19.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) only with adult help (d) never ever
20. 20.Which of these is true of a sole trader? (a) simplest to start (b) owners’ risk is limited (c) a separate legal body (d) run by directors
21. 21.A small business sells 26 painted pebbles at ₹25 each. Its costs are ₹350. What is its profit (in ₹)?
22. 22.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
23. 23.Which of these is true of a company? (a) a separate legal body (b) simplest to start (c) owner keeps all profit (d) one owner runs it
24. 24.A small business selling bags of popcorn had a revenue of ₹1755 and a profit of ₹815. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.A small business sells 56 handmade cards at ₹5 each. What is its revenue (in ₹)?
29. 29.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
30. 30.A small business sells 51 paper bookmarks at ₹30 each. Its costs are ₹790. What is its profit (in ₹)?
31. 31.A small business selling glasses of chai had a revenue of ₹360 and a profit of ₹100. What were its costs (in ₹)?
32. 32.A small business selling bags of popcorn had a revenue of ₹875 and a profit of ₹665. What were its costs (in ₹)?
33. 33.A small business sells 28 cups of lemonade at ₹30 each. Its costs are ₹310. What is its profit (in ₹)?
34. 34.A small business sells 25 painted pebbles at ₹10 each. What is its revenue (in ₹)?
35. 35.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
37. 37.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
38. 38.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
39. 39.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
40. 40.📊 Revenue or profit: price × number sold? (a) revenue (b) profit

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