Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 134 · 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.True or false: “simplest to start” is true of a company. (a) False (b) True
2. 2.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
3. 3.A small business sells 45 glasses of chai at ₹15 each. What is its revenue (in ₹)?
4. 4.👤 A sole trader is… (a) a big company (b) a school club (c) a bank (d) a one-owner business
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) one owner runs it (c) a separate legal body (d) run by directors
6. 6.A small business sells 60 jute bags at ₹25 each. Its costs are ₹1150. What is its profit (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
8. 8.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
9. 9.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
10. 10.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
11. 11.A small business sells 56 jute bags at ₹15 each. What is its revenue (in ₹)?
12. 12.A small business sells 29 handmade cards at ₹15 each. What is its revenue (in ₹)?
13. 13.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
14. 14.A small business sells 49 painted pebbles at ₹5 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
16. 16.A small business selling friendship bands had a revenue of ₹330 and a profit of ₹190. What were its costs (in ₹)?
17. 17.A small business sells 60 glasses of chai at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
18. 18.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
19. 19.🎂 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
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
21. 21.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
22. 22.A small business selling cups of lemonade had a revenue of ₹405 and a profit of ₹335. What were its costs (in ₹)?
23. 23.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
24. 24.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
25. 25.True or false: “run by directors” is true of a company. (a) False (b) True
26. 26.A small business selling fruit cups had a revenue of ₹760 and a profit of ₹380. What were its costs (in ₹)?
27. 27.True or false: “one owner runs it” is true of a company. (a) False (b) True
28. 28.A small business sells 34 painted pebbles at ₹30 each. Its costs are ₹240. What is its profit (in ₹)?
29. 29.Which of these is true of a company? (a) simplest to start (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
30. 30.A small business sells 17 glasses of chai at ₹50 each. What is its revenue (in ₹)?
31. 31.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
32. 32.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
33. 33.True or false: “run by directors” is true of a sole trader. (a) False (b) True
34. 34.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
35. 35.A small business selling potted plants had a revenue of ₹630 and a profit of ₹560. What were its costs (in ₹)?
36. 36.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
37. 37.A small business selling paper bookmarks had a revenue of ₹1200 and a profit of ₹690. What were its costs (in ₹)?
38. 38.A small business sells 36 friendship bands at ₹45 each. Its costs are ₹410. What is its profit (in ₹)?
39. 39.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
40. 40.A small business sells 18 potted plants at ₹35 each. What is its revenue (in ₹)?

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