Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 145 · 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.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a classmate (c) a random video (d) nobody
2. 2.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
3. 3.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
4. 4.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
5. 5.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
6. 6.A small business sells 47 fruit cups at ₹40 each. Its costs are ₹360. What is its profit (in ₹)?
7. 7.A small business selling cupcakes had a revenue of ₹800 and a profit of ₹290. What were its costs (in ₹)?
8. 8.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
9. 9.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
10. 10.A small business selling cups of lemonade had a revenue of ₹2000 and a profit of ₹10. What were its costs (in ₹)?
11. 11.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) one owner runs it
12. 12.A small business selling glasses of chai had a revenue of ₹1440 and a profit of ₹490. What were its costs (in ₹)?
13. 13.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
14. 14.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
15. 15.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) a separate legal body
16. 16.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
17. 17.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) one owner runs it (d) a separate legal body
18. 18.A small business sells 43 handmade cards at ₹35 each. Its costs are ₹970. What is its profit (in ₹)?
19. 19.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
20. 20.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
21. 21.A small business sells 42 painted pebbles at ₹15 each. What is its revenue (in ₹)?
22. 22.A small business sells 20 clay diyas at ₹25 each. What is its revenue (in ₹)?
23. 23.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
24. 24.True or false: “one owner runs it” is true of a company. (a) True (b) False
25. 25.A small business selling paper bookmarks had a revenue of ₹555 and a profit of ₹505. What were its costs (in ₹)?
26. 26.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
27. 27.A small business selling fruit cups had a revenue of ₹115 and a profit of ₹55. What were its costs (in ₹)?
28. 28.A small business sells 18 paper bookmarks at ₹45 each. Its costs are ₹530. What is its profit (in ₹)?
29. 29.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
30. 30.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owner owes the debts (d) a separate legal body
31. 31.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) simplest to start (d) owners’ risk is limited
32. 32.A small business selling friendship bands had a revenue of ₹390 and a profit of ₹40. What were its costs (in ₹)?
33. 33.True or false: “run by directors” is true of a company. (a) False (b) True
34. 34.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
35. 35.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
36. 36.A small business sells 11 jute bags at ₹50 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
38. 38.True or false: “run by directors” is true of a sole trader. (a) True (b) False
39. 39.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
40. 40.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader

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