Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 20 · 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 small business sells 36 painted pebbles at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
2. 2.A small business sells 15 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
3. 3.A small business selling fruit cups had a revenue of ₹340 and a profit of ₹230. What were its costs (in ₹)?
4. 4.A small business sells 45 jute bags at ₹50 each. What is its revenue (in ₹)?
5. 5.A small business sells 22 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
6. 6.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
7. 7.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
8. 8.True or false: “one owner runs it” is true of a company. (a) False (b) True
9. 9.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
10. 10.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
11. 11.A small business sells 15 handmade cards at ₹50 each. Its costs are ₹630. What is its profit (in ₹)?
12. 12.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
13. 13.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) run by directors (d) owners’ risk is limited
14. 14.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
15. 15.📊 Revenue minus costs equals… (a) price (b) stock (c) revenue (d) profit
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) owner owes the debts (d) simplest to start
17. 17.A small business selling bags of popcorn had a revenue of ₹180 and a profit of ₹160. What were its costs (in ₹)?
18. 18.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) yes, no one needed (d) only at night
19. 19.True or false: “run by directors” is true of a sole trader. (a) False (b) True
20. 20.A small business selling friendship bands had a revenue of ₹660 and a profit of ₹130. What were its costs (in ₹)?
21. 21.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
22. 22.True or false: “run by directors” is true of a company. (a) False (b) True
23. 23.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
24. 24.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
25. 25.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
26. 26.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
27. 27.A small business sells 26 clay diyas at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
28. 28.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
29. 29.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
30. 30.A small business sells 45 bags of popcorn at ₹15 each. What is its revenue (in ₹)?
31. 31.A small business selling glasses of chai had a revenue of ₹910 and a profit of ₹870. What were its costs (in ₹)?
32. 32.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) owner keeps all profit (d) one owner runs it
33. 33.📜 Who should explain tax or legal rules for a business? (a) an adult or an expert (b) a random video (c) a classmate (d) nobody
34. 34.A small business selling painted pebbles had a revenue of ₹1645 and a profit of ₹325. What were its costs (in ₹)?
35. 35.A small business sells 10 painted pebbles at ₹20 each. Its costs are ₹160. What is its profit (in ₹)?
36. 36.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
37. 37.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
38. 38.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
39. 39.A small business sells 48 cups of lemonade at ₹45 each. What is its revenue (in ₹)?
40. 40.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader

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