Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 173 · 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.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
2. 2.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
3. 3.A small business selling handmade cards had a revenue of ₹630 and a profit of ₹620. What were its costs (in ₹)?
4. 4.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
5. 5.A small business sells 46 bags of popcorn at ₹20 each. Its costs are ₹110. What is its profit (in ₹)?
6. 6.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) simplest to start (d) one owner runs it
7. 7.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
8. 8.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
9. 9.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
10. 10.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owners’ risk is limited (d) a separate legal body
11. 11.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) nobody (d) a random video
12. 12.A small business selling handmade cards had a revenue of ₹1500 and a profit of ₹1470. What were its costs (in ₹)?
13. 13.Which of these is true of a company? (a) one owner runs it (b) owned by shareholders (c) owner owes the debts (d) simplest to start
14. 14.A small business selling paper bookmarks had a revenue of ₹315 and a profit of ₹205. What were its costs (in ₹)?
15. 15.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
16. 16.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
17. 17.A small business sells 15 fruit cups at ₹25 each. Its costs are ₹330. What is its profit (in ₹)?
18. 18.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
19. 19.A small business selling cupcakes had a revenue of ₹1150 and a profit of ₹240. What were its costs (in ₹)?
20. 20.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
21. 21.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
22. 22.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
23. 23.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) owners’ risk is limited (d) simplest to start
24. 24.🎂 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
25. 25.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
26. 26.A small business sells 20 jute bags at ₹50 each. Its costs are ₹640. What is its profit (in ₹)?
27. 27.A small business sells 26 jute bags at ₹20 each. What is its revenue (in ₹)?
28. 28.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
29. 29.A small business selling painted pebbles had a revenue of ₹840 and a profit of ₹660. What were its costs (in ₹)?
30. 30.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
31. 31.A small business sells 58 friendship bands at ₹10 each. What is its revenue (in ₹)?
32. 32.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
33. 33.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) a separate legal body (d) owner keeps all profit
34. 34.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
35. 35.A small business sells 23 fruit cups at ₹40 each. Its costs are ₹400. What is its profit (in ₹)?
36. 36.A small business sells 28 cupcakes at ₹50 each. What is its revenue (in ₹)?
37. 37.True or false: “run by directors” is true of a sole trader. (a) False (b) True
38. 38.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) simplest to start (d) owners’ risk is limited
39. 39.A small business sells 23 clay diyas at ₹40 each. What is its revenue (in ₹)?
40. 40.True or false: “owned by shareholders” is true of a company. (a) False (b) True

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