Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 204 · 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.📜 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
3. 3.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
4. 4.True or false: “owned by shareholders” is true of a company. (a) True (b) False
5. 5.A small business sells 46 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
6. 6.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
7. 7.A small business selling friendship bands had a revenue of ₹390 and a profit of ₹150. What were its costs (in ₹)?
8. 8.True or false: “one owner runs it” is true of a company. (a) True (b) False
9. 9.A small business sells 15 glasses of chai at ₹40 each. Its costs are ₹410. What is its profit (in ₹)?
10. 10.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
11. 11.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
12. 12.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) simplest to start (d) a separate legal body
13. 13.Which of these is true of a company? (a) owner owes the debts (b) one owner runs it (c) simplest to start (d) owned by shareholders
14. 14.A small business sells 12 potted plants at ₹20 each. What is its revenue (in ₹)?
15. 15.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
16. 16.A small business sells 57 friendship bands at ₹35 each. What is its revenue (in ₹)?
17. 17.A small business selling cups of lemonade had a revenue of ₹1140 and a profit of ₹830. What were its costs (in ₹)?
18. 18.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
19. 19.True or false: “owner owes the debts” is true of a company. (a) True (b) False
20. 20.Which of these is true of a sole trader? (a) one owner runs it (b) owners’ risk is limited (c) a separate legal body (d) run by directors
21. 21.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
22. 22.🎂 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
23. 23.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
24. 24.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
25. 25.Which of these is true of a sole trader? (a) owner keeps all profit (b) owners’ risk is limited (c) run by directors (d) a separate legal body
26. 26.A small business sells 26 glasses of chai at ₹25 each. What is its revenue (in ₹)?
27. 27.A small business sells 22 cupcakes at ₹5 each. What is its revenue (in ₹)?
28. 28.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
29. 29.A small business selling fruit cups had a revenue of ₹520 and a profit of ₹430. What were its costs (in ₹)?
30. 30.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
31. 31.A small business selling painted pebbles had a revenue of ₹690 and a profit of ₹680. What were its costs (in ₹)?
32. 32.A small business sells 51 potted plants at ₹15 each. What is its revenue (in ₹)?
33. 33.A small business selling bags of popcorn had a revenue of ₹320 and a profit of ₹210. What were its costs (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) a separate legal body (d) owner owes the debts
35. 35.A small business sells 41 jute bags at ₹10 each. What is its revenue (in ₹)?
36. 36.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 51 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
38. 38.A small business sells 36 cupcakes at ₹25 each. Its costs are ₹320. What is its profit (in ₹)?
39. 39.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
40. 40.A small business selling potted plants had a revenue of ₹700 and a profit of ₹510. What were its costs (in ₹)?

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