Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 942 · 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.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
2. 2.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
3. 3.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
4. 4.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
5. 5.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
6. 6.A small business selling fruit cups had a revenue of ₹870 and a profit of ₹790. What were its costs (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) run by directors
8. 8.Which of these is true of a sole trader? (a) owned by shareholders (b) owner owes the debts (c) a separate legal body (d) owners’ risk is limited
9. 9.🎂 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
10. 10.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
13. 13.A small business selling clay diyas had a revenue of ₹1750 and a profit of ₹1610. What were its costs (in ₹)?
14. 14.A small business sells 39 clay diyas at ₹15 each. What is its revenue (in ₹)?
15. 15.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
16. 16.A small business sells 23 clay diyas at ₹45 each. What is its revenue (in ₹)?
17. 17.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
18. 18.A small business sells 50 potted plants at ₹15 each. Its costs are ₹690. What is its profit (in ₹)?
19. 19.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
20. 20.A small business sells 59 cups of lemonade at ₹15 each. What is its revenue (in ₹)?
21. 21.A small business sells 58 potted plants at ₹10 each. Its costs are ₹570. What is its profit (in ₹)?
22. 22.A small business selling paper bookmarks had a revenue of ₹700 and a profit of ₹620. What were its costs (in ₹)?
23. 23.A small business sells 42 painted pebbles at ₹35 each. Its costs are ₹880. What is its profit (in ₹)?
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.A small business sells 11 friendship bands at ₹40 each. What is its revenue (in ₹)?
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) owner keeps all profit
27. 27.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
28. 28.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) simplest to start (d) a separate legal body
29. 29.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
30. 30.A small business sells 23 potted plants at ₹20 each. What is its revenue (in ₹)?
31. 31.A small business selling paper bookmarks had a revenue of ₹1720 and a profit of ₹30. What were its costs (in ₹)?
32. 32.A small business selling painted pebbles had a revenue of ₹1645 and a profit of ₹665. What were its costs (in ₹)?
33. 33.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
34. 34.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
35. 35.True or false: “run by directors” is true of a sole trader. (a) False (b) True
36. 36.A small business selling cups of lemonade had a revenue of ₹560 and a profit of ₹10. What were its costs (in ₹)?
37. 37.True or false: “owner owes the debts” is true of a company. (a) True (b) False
38. 38.Which of these is true of a company? (a) owner owes the debts (b) run by directors (c) simplest to start (d) owner keeps all profit
39. 39.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
40. 40.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False

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