Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 162 · 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 sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
2. 2.A small business sells 11 paper bookmarks at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
3. 3.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) nobody (c) a classmate (d) a random video
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
5. 5.A small business sells 43 fruit cups at ₹10 each. Its costs are ₹330. What is its profit (in ₹)?
6. 6.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owners’ risk is limited (d) simplest to start
7. 7.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) a separate legal body (d) one owner runs it
8. 8.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
9. 9.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) simplest to start (d) run by directors
10. 10.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
11. 11.A small business selling bags of popcorn had a revenue of ₹630 and a profit of ₹440. What were its costs (in ₹)?
12. 12.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
13. 13.True or false: “simplest to start” is true of a company. (a) True (b) False
14. 14.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
15. 15.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
16. 16.A small business sells 29 fruit cups at ₹20 each. Its costs are ₹170. What is its profit (in ₹)?
17. 17.A small business sells 20 friendship bands at ₹45 each. What is its revenue (in ₹)?
18. 18.A small business sells 48 cupcakes at ₹30 each. What is its revenue (in ₹)?
19. 19.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
20. 20.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) one owner runs it (d) run by directors
21. 21.🏢 A company is owned by… (a) its shareholders (b) the government always (c) its suppliers (d) its customers
22. 22.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
23. 23.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
24. 24.True or false: “run by directors” is true of a sole trader. (a) False (b) True
25. 25.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
26. 26.A small business sells 14 paper bookmarks at ₹40 each. Its costs are ₹180. What is its profit (in ₹)?
27. 27.A small business sells 39 cupcakes at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
28. 28.A small business sells 17 friendship bands at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
29. 29.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
30. 30.A small business sells 21 handmade cards at ₹30 each. What is its revenue (in ₹)?
31. 31.A small business sells 15 potted plants at ₹20 each. Its costs are ₹160. What is its profit (in ₹)?
32. 32.A small business sells 50 friendship bands at ₹40 each. Its costs are ₹1450. What is its profit (in ₹)?
33. 33.A small business sells 60 potted plants at ₹35 each. Its costs are ₹2070. What is its profit (in ₹)?
34. 34.A small business selling paper bookmarks had a revenue of ₹1040 and a profit of ₹440. What were its costs (in ₹)?
35. 35.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
37. 37.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
38. 38.A small business sells 34 potted plants at ₹15 each. What is its revenue (in ₹)?
39. 39.A small business selling fruit cups had a revenue of ₹225 and a profit of ₹105. What were its costs (in ₹)?
40. 40.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company

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