Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 927 · 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: “run by directors” is true of a sole trader. (a) True (b) False
2. 2.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
3. 3.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) one owner runs it (d) simplest to start
4. 4.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) owner keeps all profit (d) run by directors
6. 6.A small business sells 53 clay diyas at ₹5 each. What is its revenue (in ₹)?
7. 7.A small business sells 52 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
8. 8.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
9. 9.A small business sells 34 cupcakes at ₹40 each. What is its revenue (in ₹)?
10. 10.A small business selling friendship bands had a revenue of ₹550 and a profit of ₹300. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
12. 12.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
13. 13.A small business sells 55 fruit cups at ₹5 each. What is its revenue (in ₹)?
14. 14.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
17. 17.A small business sells 32 handmade cards at ₹40 each. Its costs are ₹170. What is its profit (in ₹)?
18. 18.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
19. 19.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) run by directors (d) a separate legal body
20. 20.A small business sells 40 fruit cups at ₹20 each. Its costs are ₹570. What is its profit (in ₹)?
21. 21.A small business sells 24 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
22. 22.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
23. 23.A small business selling cups of lemonade had a revenue of ₹225 and a profit of ₹65. What were its costs (in ₹)?
24. 24.A small business selling clay diyas had a revenue of ₹1980 and a profit of ₹1360. What were its costs (in ₹)?
25. 25.A small business sells 10 handmade cards at ₹25 each. What is its revenue (in ₹)?
26. 26.A small business selling cups of lemonade had a revenue of ₹375 and a profit of ₹135. What were its costs (in ₹)?
27. 27.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
28. 28.A small business sells 40 friendship bands at ₹50 each. What is its revenue (in ₹)?
29. 29.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) owned by shareholders
30. 30.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) a separate legal body
31. 31.A small business sells 20 glasses of chai at ₹15 each. What is its revenue (in ₹)?
32. 32.📊 Revenue minus costs equals… (a) revenue (b) price (c) stock (d) profit
33. 33.A small business sells 35 painted pebbles at ₹50 each. What is its revenue (in ₹)?
34. 34.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
37. 37.A small business sells 17 painted pebbles at ₹10 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
39. 39.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
40. 40.A small business sells 59 cupcakes at ₹10 each. What is its revenue (in ₹)?

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