Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 155 · 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.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) run by directors
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
3. 3.A small business sells 15 paper bookmarks at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
4. 4.A small business selling fruit cups had a revenue of ₹825 and a profit of ₹25. What were its costs (in ₹)?
5. 5.A small business selling potted plants had a revenue of ₹1170 and a profit of ₹320. What were its costs (in ₹)?
6. 6.A small business sells 52 paper bookmarks at ₹50 each. Its costs are ₹1970. What is its profit (in ₹)?
7. 7.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
8. 8.A small business sells 40 clay diyas at ₹25 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owned by shareholders (d) owner keeps all profit
10. 10.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
11. 11.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) run by directors (d) owner keeps all profit
12. 12.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
13. 13.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owners’ risk is limited
14. 14.A small business sells 51 bags of popcorn at ₹15 each. Its costs are ₹690. What is its profit (in ₹)?
15. 15.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) simplest to start
16. 16.A small business sells 20 potted plants at ₹10 each. What is its revenue (in ₹)?
17. 17.A small business sells 16 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
18. 18.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
19. 19.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
20. 20.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
21. 21.👤 A sole trader is… (a) a bank (b) a school club (c) a big company (d) a one-owner business
22. 22.True or false: “owned by shareholders” is true of a company. (a) True (b) False
23. 23.A small business selling painted pebbles had a revenue of ₹1400 and a profit of ₹860. What were its costs (in ₹)?
24. 24.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
25. 25.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
26. 26.A small business sells 35 cupcakes at ₹10 each. What is its revenue (in ₹)?
27. 27.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
28. 28.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
29. 29.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) simplest to start
31. 31.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
32. 32.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
33. 33.A small business sells 15 handmade cards at ₹5 each. What is its revenue (in ₹)?
34. 34.A small business sells 38 cups of lemonade at ₹15 each. Its costs are ₹540. What is its profit (in ₹)?
35. 35.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
36. 36.True or false: “simplest to start” is true of a company. (a) True (b) False
37. 37.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
38. 38.A small business sells 57 fruit cups at ₹5 each. What is its revenue (in ₹)?
39. 39.A small business sells 47 jute bags at ₹20 each. Its costs are ₹360. What is its profit (in ₹)?
40. 40.A small business sells 42 glasses of chai at ₹40 each. What is its revenue (in ₹)?

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