Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 192 · 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: owned by shareholders? (a) a company (b) a sole trader
2. 2.A small business selling handmade cards had a revenue of ₹2250 and a profit of ₹660. What were its costs (in ₹)?
3. 3.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
4. 4.A small business selling friendship bands had a revenue of ₹330 and a profit of ₹40. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner keeps all profit (d) run by directors
6. 6.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
7. 7.A small business sells 36 potted plants at ₹30 each. What is its revenue (in ₹)?
8. 8.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a school club (d) a big company
9. 9.📊 Revenue minus costs equals… (a) stock (b) revenue (c) price (d) profit
10. 10.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
11. 11.True or false: “owned by shareholders” is true of a company. (a) True (b) False
12. 12.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) one owner runs it (d) owned by shareholders
13. 13.A small business sells 15 jute bags at ₹40 each. What is its revenue (in ₹)?
14. 14.A small business sells 23 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
15. 15.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
16. 16.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) run by directors (d) owned by shareholders
17. 17.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
18. 18.A small business sells 44 clay diyas at ₹15 each. What is its revenue (in ₹)?
19. 19.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
20. 20.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
21. 21.True or false: “one owner runs it” is true of a company. (a) False (b) True
22. 22.True or false: “simplest to start” is true of a company. (a) False (b) True
23. 23.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
24. 24.A small business sells 16 jute bags at ₹45 each. Its costs are ₹200. What is its profit (in ₹)?
25. 25.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner owes the debts (c) a separate legal body (d) run by directors
26. 26.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
27. 27.A small business sells 56 painted pebbles at ₹50 each. What is its revenue (in ₹)?
28. 28.A small business sells 40 jute bags at ₹20 each. Its costs are ₹70. What is its profit (in ₹)?
29. 29.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
30. 30.A small business sells 11 bags of popcorn at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
31. 31.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
32. 32.A small business selling jute bags had a revenue of ₹170 and a profit of ₹140. What were its costs (in ₹)?
33. 33.A small business sells 36 painted pebbles at ₹15 each. Its costs are ₹350. What is its profit (in ₹)?
34. 34.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
35. 35.A small business sells 41 glasses of chai at ₹5 each. What is its revenue (in ₹)?
36. 36.A small business sells 41 cupcakes at ₹25 each. What is its revenue (in ₹)?
37. 37.A small business sells 24 painted pebbles at ₹50 each. Its costs are ₹1080. What is its profit (in ₹)?
38. 38.A small business sells 20 handmade cards at ₹45 each. What is its revenue (in ₹)?
39. 39.A small business sells 50 handmade cards at ₹35 each. Its costs are ₹1270. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company

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