Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 144 · 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 sells 22 handmade cards at ₹25 each. Its costs are ₹390. What is its profit (in ₹)?
2. 2.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
3. 3.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
4. 4.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
5. 5.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owners’ risk is limited (d) a separate legal body
6. 6.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) owner keeps all profit
7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
8. 8.A small business sells 33 painted pebbles at ₹50 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a company? (a) simplest to start (b) run by directors (c) one owner runs it (d) owner owes the debts
10. 10.A small business sells 21 clay diyas at ₹5 each. What is its revenue (in ₹)?
11. 11.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
12. 12.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
13. 13.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
14. 14.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
15. 15.A small business sells 13 bags of popcorn at ₹15 each. Its costs are ₹70. What is its profit (in ₹)?
16. 16.True or false: “a separate legal body” is true of a company. (a) False (b) True
17. 17.True or false: “owned by shareholders” is true of a company. (a) False (b) True
18. 18.A small business selling paper bookmarks had a revenue of ₹510 and a profit of ₹40. What were its costs (in ₹)?
19. 19.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
20. 20.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
21. 21.A small business selling paper bookmarks had a revenue of ₹1760 and a profit of ₹850. What were its costs (in ₹)?
22. 22.A small business sells 35 jute bags at ₹25 each. Its costs are ₹160. What is its profit (in ₹)?
23. 23.A small business sells 31 painted pebbles at ₹45 each. What is its revenue (in ₹)?
24. 24.A small business sells 39 jute bags at ₹5 each. Its costs are ₹10. What is its profit (in ₹)?
25. 25.True or false: “owner owes the debts” is true of a company. (a) True (b) False
26. 26.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
27. 27.A small business selling handmade cards had a revenue of ₹2750 and a profit of ₹280. What were its costs (in ₹)?
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
29. 29.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
30. 30.A small business selling jute bags had a revenue of ₹1000 and a profit of ₹290. What were its costs (in ₹)?
31. 31.A small business sells 55 handmade cards at ₹50 each. Its costs are ₹990. What is its profit (in ₹)?
32. 32.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
33. 33.True or false: “simplest to start” is true of a company. (a) False (b) True
34. 34.True or false: “run by directors” is true of a company. (a) True (b) False
35. 35.A small business sells 10 jute bags at ₹15 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) a separate legal body
37. 37.A small business selling paper bookmarks had a revenue of ₹3000 and a profit of ₹2560. What were its costs (in ₹)?
38. 38.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
39. 39.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
40. 40.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader

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