Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 146 · 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: “one owner runs it” is true of a company. (a) False (b) True
2. 2.A small business selling cupcakes had a revenue of ₹180 and a profit of ₹130. What were its costs (in ₹)?
3. 3.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
4. 4.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) owners’ risk is limited
6. 6.A small business sells 32 friendship bands at ₹45 each. Its costs are ₹200. What is its profit (in ₹)?
7. 7.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) a separate legal body (d) owners’ risk is limited
8. 8.A small business selling jute bags had a revenue of ₹840 and a profit of ₹680. What were its costs (in ₹)?
9. 9.A small business sells 36 clay diyas at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
10. 10.A small business sells 56 glasses of chai at ₹45 each. What is its revenue (in ₹)?
11. 11.🎂 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
12. 12.True or false: “run by directors” is true of a company. (a) True (b) False
13. 13.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) one owner runs it (d) a separate legal body
14. 14.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
15. 15.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
16. 16.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
17. 17.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
18. 18.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 31 cups of lemonade at ₹5 each. Its costs are ₹120. What is its profit (in ₹)?
20. 20.A small business sells 12 cups of lemonade at ₹35 each. Its costs are ₹100. What is its profit (in ₹)?
21. 21.A small business selling cupcakes had a revenue of ₹2650 and a profit of ₹70. What were its costs (in ₹)?
22. 22.A small business selling clay diyas had a revenue of ₹945 and a profit of ₹545. What were its costs (in ₹)?
23. 23.A small business selling glasses of chai had a revenue of ₹2450 and a profit of ₹1060. What were its costs (in ₹)?
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
25. 25.👤 A sole trader is… (a) a bank (b) a big company (c) a one-owner business (d) a school club
26. 26.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) owners’ risk is limited (d) run by directors
27. 27.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
28. 28.A small business sells 55 painted pebbles at ₹15 each. What is its revenue (in ₹)?
29. 29.A small business selling paper bookmarks had a revenue of ₹400 and a profit of ₹30. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
31. 31.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
32. 32.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) simplest to start
33. 33.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
35. 35.A small business sells 43 cups of lemonade at ₹35 each. Its costs are ₹840. What is its profit (in ₹)?
36. 36.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
37. 37.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
38. 38.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
39. 39.Which of these is true of a company? (a) run by directors (b) one owner runs it (c) simplest to start (d) owner owes the debts
40. 40.A small business sells 39 potted plants at ₹40 each. What is its revenue (in ₹)?

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