Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 200 · 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: one owner runs it? (a) a sole trader (b) a company
2. 2.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
3. 3.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
4. 4.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
5. 5.A small business selling glasses of chai had a revenue of ₹1140 and a profit of ₹400. What were its costs (in ₹)?
6. 6.A small business sells 20 paper bookmarks at ₹40 each. Its costs are ₹60. What is its profit (in ₹)?
7. 7.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
8. 8.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
9. 9.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
10. 10.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) run by directors
11. 11.True or false: “run by directors” is true of a sole trader. (a) False (b) True
12. 12.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
13. 13.A small business selling painted pebbles had a revenue of ₹950 and a profit of ₹580. What were its costs (in ₹)?
14. 14.A small business sells 51 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
15. 15.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) only at night (d) yes, no one needed
16. 16.👤 A sole trader is… (a) a school club (b) a big company (c) a bank (d) a one-owner business
17. 17.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
18. 18.A small business selling cupcakes had a revenue of ₹420 and a profit of ₹300. What were its costs (in ₹)?
19. 19.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
21. 21.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
22. 22.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) owners’ risk is limited
23. 23.A small business selling cups of lemonade had a revenue of ₹1365 and a profit of ₹985. What were its costs (in ₹)?
24. 24.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) one owner runs it (d) run by directors
25. 25.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) owners’ risk is limited
26. 26.True or false: “one owner runs it” is true of a company. (a) False (b) True
27. 27.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
28. 28.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
29. 29.A small business sells 55 clay diyas at ₹40 each. What is its revenue (in ₹)?
30. 30.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
31. 31.A small business sells 52 fruit cups at ₹15 each. What is its revenue (in ₹)?
32. 32.A small business selling cups of lemonade had a revenue of ₹1200 and a profit of ₹360. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
34. 34.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
35. 35.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
36. 36.A small business selling cupcakes had a revenue of ₹855 and a profit of ₹165. What were its costs (in ₹)?
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) run by directors (d) owner keeps all profit
38. 38.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
39. 39.A small business sells 48 clay diyas at ₹15 each. Its costs are ₹60. What is its profit (in ₹)?
40. 40.A small business sells 18 painted pebbles at ₹25 each. Its costs are ₹90. What is its profit (in ₹)?

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