Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 119 · 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.A small business selling bags of popcorn had a revenue of ₹805 and a profit of ₹565. What were its costs (in ₹)?
2. 2.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
3. 3.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
4. 4.True or false: “simplest to start” is true of a company. (a) True (b) False
5. 5.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
6. 6.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) a separate legal body (d) owned by shareholders
7. 7.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
8. 8.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owners’ risk is limited
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) simplest to start
10. 10.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.True or false: “owner owes the debts” is true of a company. (a) True (b) False
13. 13.A small business selling cups of lemonade had a revenue of ₹1240 and a profit of ₹200. What were its costs (in ₹)?
14. 14.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
15. 15.A small business sells 11 friendship bands at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
16. 16.True or false: “owned by shareholders” is true of a company. (a) False (b) True
17. 17.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
18. 18.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
19. 19.A small business sells 13 jute bags at ₹50 each. What is its revenue (in ₹)?
20. 20.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
21. 21.A small business selling glasses of chai had a revenue of ₹1440 and a profit of ₹1380. What were its costs (in ₹)?
22. 22.📊 Revenue minus costs equals… (a) price (b) profit (c) revenue (d) stock
23. 23.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) owner keeps all profit (d) simplest to start
24. 24.True or false: “run by directors” is true of a sole trader. (a) True (b) False
25. 25.A small business selling potted plants had a revenue of ₹1500 and a profit of ₹510. What were its costs (in ₹)?
26. 26.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner keeps all profit (d) owner owes the debts
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
29. 29.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
30. 30.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) never ever (d) yes, no one needed
31. 31.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
32. 32.A small business sells 31 fruit cups at ₹20 each. Its costs are ₹250. What is its profit (in ₹)?
33. 33.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
34. 34.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owners’ risk is limited (d) owner owes the debts
35. 35.A small business sells 17 clay diyas at ₹10 each. Its costs are ₹100. What is its profit (in ₹)?
36. 36.A small business sells 13 glasses of chai at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
37. 37.A small business sells 21 cups of lemonade at ₹50 each. Its costs are ₹120. What is its profit (in ₹)?
38. 38.A small business sells 18 clay diyas at ₹20 each. Its costs are ₹300. What is its profit (in ₹)?
39. 39.A small business selling paper bookmarks had a revenue of ₹500 and a profit of ₹140. What were its costs (in ₹)?
40. 40.A small business sells 21 cups of lemonade at ₹45 each. Its costs are ₹820. What is its profit (in ₹)?

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