Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 166 · 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 bank (b) a big company (c) a one-owner business (d) a school club
2. 2.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
3. 3.A small business sells 27 cups of lemonade at ₹30 each. Its costs are ₹40. What is its profit (in ₹)?
4. 4.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
5. 5.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
6. 6.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
7. 7.True or false: “owned by shareholders” is true of a company. (a) True (b) False
8. 8.A small business sells 37 handmade cards at ₹30 each. Its costs are ₹370. What is its profit (in ₹)?
9. 9.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
10. 10.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
11. 11.True or false: “run by directors” is true of a sole trader. (a) True (b) False
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
13. 13.A small business sells 18 painted pebbles at ₹20 each. Its costs are ₹320. What is its profit (in ₹)?
14. 14.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) only at night (c) yes, no one needed (d) never ever
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
16. 16.A small business sells 44 potted plants at ₹20 each. What is its revenue (in ₹)?
17. 17.A small business selling cupcakes had a revenue of ₹595 and a profit of ₹495. What were its costs (in ₹)?
18. 18.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
19. 19.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
20. 20.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
21. 21.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
22. 22.A small business sells 53 cups of lemonade at ₹10 each. Its costs are ₹40. What is its profit (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner owes the debts (d) owners’ risk is limited
24. 24.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
25. 25.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) simplest to start (d) owner keeps all profit
26. 26.📊 Revenue minus costs equals… (a) price (b) revenue (c) stock (d) profit
27. 27.True or false: “owner owes the debts” is true of a company. (a) True (b) False
28. 28.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) a separate legal body
29. 29.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
30. 30.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
31. 31.A small business selling fruit cups had a revenue of ₹250 and a profit of ₹180. What were its costs (in ₹)?
32. 32.A small business selling bags of popcorn had a revenue of ₹1710 and a profit of ₹1670. What were its costs (in ₹)?
33. 33.A small business sells 42 paper bookmarks at ₹35 each. Its costs are ₹630. What is its profit (in ₹)?
34. 34.True or false: “run by directors” is true of a company. (a) False (b) True
35. 35.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) a separate legal body (d) one owner runs it
36. 36.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
37. 37.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
38. 38.🏢 A company is owned by… (a) the government always (b) its customers (c) its suppliers (d) its shareholders
39. 39.A small business sells 10 glasses of chai at ₹15 each. Its costs are ₹130. What is its profit (in ₹)?
40. 40.A small business selling bags of popcorn had a revenue of ₹1240 and a profit of ₹470. What were its costs (in ₹)?

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