Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 182 · 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: owners’ risk is limited? (a) a company (b) a sole trader
2. 2.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
3. 3.True or false: “owner owes the debts” is true of a company. (a) True (b) False
4. 4.A small business sells 14 handmade cards at ₹15 each. Its costs are ₹90. What is its profit (in ₹)?
5. 5.A small business sells 17 glasses of chai at ₹45 each. Its costs are ₹440. What is its profit (in ₹)?
6. 6.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
7. 7.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
8. 8.Which of these is true of a sole trader? (a) owner keeps all profit (b) run by directors (c) owners’ risk is limited (d) owned by shareholders
9. 9.True or false: “simplest to start” is true of a company. (a) True (b) False
10. 10.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) one owner runs it (d) simplest to start
11. 11.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owner owes the debts (d) run by directors
12. 12.A small business sells 10 cupcakes at ₹35 each. What is its revenue (in ₹)?
13. 13.A small business sells 16 painted pebbles at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.True or false: “one owner runs it” is true of a company. (a) True (b) False
16. 16.A small business sells 23 cups of lemonade at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
17. 17.A small business selling bags of popcorn had a revenue of ₹360 and a profit of ₹310. What were its costs (in ₹)?
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
19. 19.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
20. 20.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) never ever (c) only with adult help (d) yes, no one needed
21. 21.A small business sells 29 handmade cards at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
22. 22.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) run by directors (d) one owner runs it
23. 23.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
24. 24.A small business sells 25 handmade cards at ₹35 each. What is its revenue (in ₹)?
25. 25.A small business sells 30 clay diyas at ₹35 each. Its costs are ₹400. What is its profit (in ₹)?
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
27. 27.A small business selling handmade cards had a revenue of ₹1260 and a profit of ₹740. What were its costs (in ₹)?
28. 28.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
29. 29.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
31. 31.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
32. 32.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
33. 33.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
34. 34.A small business sells 42 friendship bands at ₹35 each. Its costs are ₹230. What is its profit (in ₹)?
35. 35.A small business sells 28 painted pebbles at ₹35 each. Its costs are ₹640. What is its profit (in ₹)?
36. 36.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) a separate legal body (d) owner owes the debts
37. 37.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
38. 38.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) run by directors (d) owner keeps all profit
39. 39.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
40. 40.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) a random video (c) an adult or an expert (d) nobody

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