Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 164 · 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) a separate legal body (b) simplest to start (c) run by directors (d) owners’ risk is limited
2. 2.True or false: “owned by shareholders” is true of a company. (a) False (b) True
3. 3.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
4. 4.A small business selling glasses of chai had a revenue of ₹1170 and a profit of ₹30. What were its costs (in ₹)?
5. 5.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
6. 6.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) run by directors
7. 7.A small business selling glasses of chai had a revenue of ₹600 and a profit of ₹410. What were its costs (in ₹)?
8. 8.A small business selling cupcakes had a revenue of ₹190 and a profit of ₹150. What were its costs (in ₹)?
9. 9.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
10. 10.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
11. 11.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
12. 12.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) an adult or an expert (d) a random video
13. 13.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
14. 14.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
15. 15.A small business sells 54 friendship bands at ₹20 each. Its costs are ₹870. What is its profit (in ₹)?
16. 16.A small business sells 40 friendship bands at ₹40 each. Its costs are ₹900. What is its profit (in ₹)?
17. 17.A small business selling painted pebbles had a revenue of ₹340 and a profit of ₹200. What were its costs (in ₹)?
18. 18.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
19. 19.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
20. 20.A small business sells 38 paper bookmarks at ₹25 each. Its costs are ₹520. What is its profit (in ₹)?
21. 21.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
22. 22.A small business sells 31 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
23. 23.A small business selling potted plants had a revenue of ₹400 and a profit of ₹330. What were its costs (in ₹)?
24. 24.A small business sells 48 jute bags at ₹20 each. What is its revenue (in ₹)?
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
26. 26.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
27. 27.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) owner keeps all profit
28. 28.A small business selling potted plants had a revenue of ₹1040 and a profit of ₹890. What were its costs (in ₹)?
29. 29.Which of these is true of a sole trader? (a) one owner runs it (b) a separate legal body (c) run by directors (d) owned by shareholders
30. 30.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
31. 31.A small business sells 26 glasses of chai at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
32. 32.A small business sells 30 fruit cups at ₹45 each. Its costs are ₹940. What is its profit (in ₹)?
33. 33.A small business selling potted plants had a revenue of ₹900 and a profit of ₹70. What were its costs (in ₹)?
34. 34.A small business selling glasses of chai had a revenue of ₹1845 and a profit of ₹825. What were its costs (in ₹)?
35. 35.A small business selling bags of popcorn had a revenue of ₹400 and a profit of ₹170. What were its costs (in ₹)?
36. 36.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
37. 37.True or false: “one owner runs it” is true of a company. (a) True (b) False
38. 38.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
39. 39.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
40. 40.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) simplest to start (d) owner keeps all profit

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