Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 932 · 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: revenue minus costs? (a) profit (b) revenue
2. 2.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) a classmate (d) an adult or an expert
3. 3.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
4. 4.True or false: “one owner runs it” is true of a company. (a) False (b) True
5. 5.A small business selling friendship bands had a revenue of ₹2430 and a profit of ₹1330. What were its costs (in ₹)?
6. 6.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
7. 7.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) simplest to start
8. 8.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
9. 9.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
11. 11.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
12. 12.A small business selling potted plants had a revenue of ₹1380 and a profit of ₹1040. What were its costs (in ₹)?
13. 13.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
14. 14.A small business sells 16 bags of popcorn at ₹50 each. Its costs are ₹730. What is its profit (in ₹)?
15. 15.A small business selling painted pebbles had a revenue of ₹780 and a profit of ₹220. What were its costs (in ₹)?
16. 16.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
17. 17.A small business sells 45 clay diyas at ₹40 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a company? (a) a separate legal body (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
19. 19.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
20. 20.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owner keeps all profit (d) run by directors
21. 21.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
22. 22.A small business selling paper bookmarks had a revenue of ₹1020 and a profit of ₹70. What were its costs (in ₹)?
23. 23.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
24. 24.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
25. 25.A small business sells 34 clay diyas at ₹40 each. Its costs are ₹340. What is its profit (in ₹)?
26. 26.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) owned by shareholders (d) owner owes the debts
27. 27.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
28. 28.A small business sells 22 friendship bands at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
29. 29.A small business sells 39 handmade cards at ₹25 each. Its costs are ₹200. What is its profit (in ₹)?
30. 30.A small business sells 51 friendship bands at ₹45 each. Its costs are ₹1640. What is its profit (in ₹)?
31. 31.A small business sells 18 glasses of chai at ₹50 each. What is its revenue (in ₹)?
32. 32.A small business sells 59 cupcakes at ₹45 each. Its costs are ₹250. What is its profit (in ₹)?
33. 33.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
34. 34.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
35. 35.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
36. 36.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) simplest to start (d) one owner runs it
37. 37.True or false: “run by directors” is true of a sole trader. (a) False (b) True
38. 38.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
39. 39.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
40. 40.A small business sells 21 jute bags at ₹45 each. Its costs are ₹250. What is its profit (in ₹)?

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