Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 936 · 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: left after all costs? (a) revenue (b) profit
2. 2.A small business selling paper bookmarks had a revenue of ₹480 and a profit of ₹20. What were its costs (in ₹)?
3. 3.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner owes the debts (d) run by directors
4. 4.True or false: “run by directors” is true of a company. (a) False (b) True
5. 5.A small business sells 32 jute bags at ₹5 each. What is its revenue (in ₹)?
6. 6.A small business sells 29 glasses of chai at ₹15 each. What is its revenue (in ₹)?
7. 7.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
9. 9.True or false: “a separate legal body” is true of a company. (a) True (b) False
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) simplest to start
11. 11.A small business sells 30 cupcakes at ₹20 each. Its costs are ₹170. What is its profit (in ₹)?
12. 12.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
13. 13.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
14. 14.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) simplest to start
15. 15.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
17. 17.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
18. 18.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
19. 19.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
20. 20.A small business sells 57 friendship bands at ₹30 each. What is its revenue (in ₹)?
21. 21.A small business selling paper bookmarks had a revenue of ₹150 and a profit of ₹110. What were its costs (in ₹)?
22. 22.A small business sells 37 bags of popcorn at ₹10 each. Its costs are ₹210. What is its profit (in ₹)?
23. 23.A small business sells 33 handmade cards at ₹5 each. What is its revenue (in ₹)?
24. 24.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
25. 25.A small business sells 23 friendship bands at ₹35 each. Its costs are ₹20. What is its profit (in ₹)?
26. 26.A small business sells 16 glasses of chai at ₹20 each. What is its revenue (in ₹)?
27. 27.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
28. 28.A small business sells 14 potted plants at ₹5 each. What is its revenue (in ₹)?
29. 29.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
30. 30.A small business selling cups of lemonade had a revenue of ₹510 and a profit of ₹210. What were its costs (in ₹)?
31. 31.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner owes the debts (d) simplest to start
32. 32.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
33. 33.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
34. 34.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
35. 35.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
36. 36.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
37. 37.A small business selling potted plants had a revenue of ₹1040 and a profit of ₹590. What were its costs (in ₹)?
38. 38.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
39. 39.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
40. 40.True or false: “owned by shareholders” is true of a company. (a) False (b) True

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