Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 157 · 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) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) owners’ risk is limited
2. 2.True or false: “run by directors” is true of a company. (a) True (b) False
3. 3.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
4. 4.A small business selling friendship bands had a revenue of ₹840 and a profit of ₹790. What were its costs (in ₹)?
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
6. 6.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) yes, no one needed (d) only with adult help
7. 7.A small business selling painted pebbles had a revenue of ₹840 and a profit of ₹400. What were its costs (in ₹)?
8. 8.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
9. 9.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
10. 10.A small business selling bags of popcorn had a revenue of ₹2700 and a profit of ₹110. What were its costs (in ₹)?
11. 11.A small business sells 54 glasses of chai at ₹25 each. What is its revenue (in ₹)?
12. 12.A small business sells 44 friendship bands at ₹25 each. What is its revenue (in ₹)?
13. 13.A small business selling painted pebbles had a revenue of ₹750 and a profit of ₹50. What were its costs (in ₹)?
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
15. 15.True or false: “one owner runs it” is true of a company. (a) True (b) False
16. 16.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) simplest to start
18. 18.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
19. 19.A small business sells 40 jute bags at ₹10 each. Its costs are ₹30. What is its profit (in ₹)?
20. 20.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
21. 21.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
22. 22.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) owner keeps all profit (d) owned by shareholders
23. 23.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
24. 24.🏢 A company is owned by… (a) the government always (b) its customers (c) its shareholders (d) its suppliers
25. 25.True or false: “run by directors” is true of a sole trader. (a) False (b) True
26. 26.A small business sells 18 potted plants at ₹30 each. Its costs are ₹470. What is its profit (in ₹)?
27. 27.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
28. 28.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
29. 29.A small business sells 53 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
30. 30.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
31. 31.A small business sells 45 potted plants at ₹5 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) run by directors
33. 33.True or false: “owned by shareholders” is true of a company. (a) False (b) True
34. 34.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
35. 35.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
36. 36.A small business sells 23 handmade cards at ₹45 each. Its costs are ₹30. What is its profit (in ₹)?
37. 37.A small business sells 35 fruit cups at ₹5 each. Its costs are ₹110. What is its profit (in ₹)?
38. 38.A small business sells 25 bags of popcorn at ₹10 each. What is its revenue (in ₹)?
39. 39.A small business sells 24 clay diyas at ₹40 each. Its costs are ₹640. What is its profit (in ₹)?
40. 40.A small business selling clay diyas had a revenue of ₹240 and a profit of ₹130. What were its costs (in ₹)?

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