Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 131 · 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 painted pebbles had a revenue of ₹640 and a profit of ₹540. What were its costs (in ₹)?
2. 2.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
3. 3.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
4. 4.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
7. 7.A small business sells 42 painted pebbles at ₹30 each. Its costs are ₹760. What is its profit (in ₹)?
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) simplest to start (d) owner owes the debts
9. 9.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owners’ risk is limited (d) owner owes the debts
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
11. 11.📊 Revenue minus costs equals… (a) revenue (b) price (c) profit (d) stock
12. 12.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
13. 13.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
14. 14.A small business sells 11 clay diyas at ₹50 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
16. 16.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
17. 17.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
18. 18.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
19. 19.True or false: “owned by shareholders” is true of a company. (a) True (b) False
20. 20.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
21. 21.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
22. 22.A small business sells 14 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
23. 23.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
24. 24.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
25. 25.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
26. 26.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
27. 27.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
28. 28.A small business selling jute bags had a revenue of ₹1575 and a profit of ₹1415. What were its costs (in ₹)?
29. 29.A small business sells 17 clay diyas at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
30. 30.A small business sells 16 jute bags at ₹30 each. Its costs are ₹10. What is its profit (in ₹)?
31. 31.A small business selling friendship bands had a revenue of ₹840 and a profit of ₹620. What were its costs (in ₹)?
32. 32.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a random video (d) a classmate
33. 33.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) owner owes the debts (d) run by directors
34. 34.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 56 paper bookmarks at ₹45 each. Its costs are ₹30. What is its profit (in ₹)?
36. 36.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
37. 37.A small business selling clay diyas had a revenue of ₹740 and a profit of ₹570. What were its costs (in ₹)?
38. 38.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
39. 39.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
40. 40.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader

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