Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 180 · 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 sole trader (b) a company
2. 2.A small business sells 32 potted plants at ₹5 each. What is its revenue (in ₹)?
3. 3.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
4. 4.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
5. 5.Which of these is true of a company? (a) owner owes the debts (b) owners’ risk is limited (c) one owner runs it (d) simplest to start
6. 6.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
7. 7.📊 Revenue minus costs equals… (a) revenue (b) profit (c) price (d) stock
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) owner owes the debts (d) simplest to start
9. 9.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
10. 10.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) simplest to start
11. 11.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
12. 12.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
13. 13.True or false: “run by directors” is true of a sole trader. (a) True (b) False
14. 14.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
15. 15.A small business sells 40 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
16. 16.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
17. 17.A small business sells 54 clay diyas at ₹5 each. What is its revenue (in ₹)?
18. 18.A small business selling painted pebbles had a revenue of ₹1820 and a profit of ₹1370. What were its costs (in ₹)?
19. 19.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
20. 20.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
21. 21.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
22. 22.A small business sells 19 painted pebbles at ₹35 each. Its costs are ₹280. What is its profit (in ₹)?
23. 23.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) a separate legal body (d) owners’ risk is limited
24. 24.A small business selling cups of lemonade had a revenue of ₹405 and a profit of ₹315. What were its costs (in ₹)?
25. 25.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
26. 26.A small business sells 37 painted pebbles at ₹45 each. Its costs are ₹1260. What is its profit (in ₹)?
27. 27.A small business sells 57 cupcakes at ₹5 each. Its costs are ₹50. What is its profit (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 jute bags had a revenue of ₹285 and a profit of ₹175. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
31. 31.A small business selling cups of lemonade had a revenue of ₹130 and a profit of ₹10. What were its costs (in ₹)?
32. 32.A small business selling clay diyas had a revenue of ₹320 and a profit of ₹180. What were its costs (in ₹)?
33. 33.A small business selling friendship bands had a revenue of ₹95 and a profit of ₹55. What were its costs (in ₹)?
34. 34.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
35. 35.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
36. 36.A small business sells 28 painted pebbles at ₹40 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
38. 38.A small business selling cupcakes had a revenue of ₹1600 and a profit of ₹1150. What were its costs (in ₹)?
39. 39.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) run by directors (d) owner keeps all profit
40. 40.A small business sells 60 handmade cards at ₹10 each. Its costs are ₹580. What is its profit (in ₹)?

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