Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 98 · 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.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
3. 3.True or false: “one owner runs it” is true of a company. (a) False (b) True
4. 4.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) run by directors
5. 5.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) owner keeps all profit
6. 6.A small business sells 30 fruit cups at ₹15 each. Its costs are ₹190. What is its profit (in ₹)?
7. 7.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
8. 8.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
9. 9.A small business sells 15 handmade cards at ₹45 each. Its costs are ₹380. What is its profit (in ₹)?
10. 10.A small business selling clay diyas had a revenue of ₹1040 and a profit of ₹530. What were its costs (in ₹)?
11. 11.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
12. 12.A small business selling painted pebbles had a revenue of ₹370 and a profit of ₹260. What were its costs (in ₹)?
13. 13.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
14. 14.A small business selling handmade cards had a revenue of ₹1600 and a profit of ₹410. What were its costs (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 selling painted pebbles had a revenue of ₹135 and a profit of ₹105. What were its costs (in ₹)?
17. 17.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
18. 18.A small business sells 25 cups of lemonade at ₹40 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
20. 20.A small business sells 47 painted pebbles at ₹5 each. Its costs are ₹170. What is its profit (in ₹)?
21. 21.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
22. 22.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
23. 23.True or false: “run by directors” is true of a sole trader. (a) False (b) True
24. 24.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
25. 25.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) simplest to start (d) owner keeps all profit
26. 26.🏢 A company is owned by… (a) its customers (b) the government always (c) its suppliers (d) its shareholders
27. 27.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
28. 28.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
29. 29.True or false: “owned by shareholders” is true of a company. (a) True (b) False
30. 30.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 42 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
32. 32.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
33. 33.A small business sells 48 friendship bands at ₹50 each. Its costs are ₹280. What is its profit (in ₹)?
34. 34.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) nobody (d) a classmate
35. 35.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
36. 36.A small business selling fruit cups had a revenue of ₹1550 and a profit of ₹300. What were its costs (in ₹)?
37. 37.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
38. 38.A small business selling painted pebbles had a revenue of ₹1960 and a profit of ₹1310. What were its costs (in ₹)?
39. 39.A small business sells 50 fruit cups at ₹45 each. What is its revenue (in ₹)?
40. 40.A small business selling potted plants had a revenue of ₹450 and a profit of ₹250. What were its costs (in ₹)?

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