Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 959 · 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) one owner runs it (b) owner keeps all profit (c) owners’ risk is limited (d) owner owes the debts
2. 2.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
3. 3.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
4. 4.A small business sells 46 painted pebbles at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
5. 5.A small business sells 23 friendship bands at ₹15 each. What is its revenue (in ₹)?
6. 6.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) run by directors (d) a separate legal body
7. 7.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.A small business sells 56 painted pebbles at ₹10 each. Its costs are ₹230. What is its profit (in ₹)?
11. 11.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
12. 12.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
13. 13.True or false: “run by directors” is true of a company. (a) False (b) True
14. 14.📜 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
15. 15.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
16. 16.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
17. 17.A small business sells 35 clay diyas at ₹15 each. What is its revenue (in ₹)?
18. 18.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
19. 19.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
20. 20.A small business sells 43 jute bags at ₹5 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
22. 22.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) run by directors (d) one owner runs it
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
24. 24.A small business selling glasses of chai had a revenue of ₹540 and a profit of ₹210. What were its costs (in ₹)?
25. 25.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
26. 26.True or false: “a separate legal body” is true of a company. (a) False (b) True
27. 27.A small business sells 54 glasses of chai at ₹35 each. What is its revenue (in ₹)?
28. 28.True or false: “owner owes the debts” is true of a company. (a) True (b) False
29. 29.A small business sells 53 fruit cups at ₹5 each. Its costs are ₹80. What is its profit (in ₹)?
30. 30.A small business sells 44 glasses of chai at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
31. 31.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
32. 32.A small business sells 23 jute bags at ₹35 each. What is its revenue (in ₹)?
33. 33.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
34. 34.A small business sells 16 cupcakes at ₹50 each. Its costs are ₹660. What is its profit (in ₹)?
35. 35.A small business sells 12 handmade cards at ₹30 each. What is its revenue (in ₹)?
36. 36.A small business sells 31 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
37. 37.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
38. 38.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) owners’ risk is limited (d) owned by shareholders
39. 39.A small business selling cups of lemonade had a revenue of ₹690 and a profit of ₹290. What were its costs (in ₹)?
40. 40.A small business sells 33 jute bags at ₹40 each. What is its revenue (in ₹)?

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