Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 235 · 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.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
2. 2.A small business sells 50 bags of popcorn at ₹15 each. Its costs are ₹350. What is its profit (in ₹)?
3. 3.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) yes, no one needed (d) never ever
4. 4.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
5. 5.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
6. 6.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) simplest to start (d) a separate legal body
7. 7.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
8. 8.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) owner owes the debts
9. 9.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
10. 10.A small business selling cupcakes had a revenue of ₹450 and a profit of ₹360. What were its costs (in ₹)?
11. 11.A small business sells 13 painted pebbles at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
12. 12.A small business sells 31 painted pebbles at ₹50 each. What is its revenue (in ₹)?
13. 13.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) owned by shareholders (d) a separate legal body
14. 14.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) owner keeps all profit (d) a separate legal body
15. 15.📊 Revenue minus costs equals… (a) profit (b) stock (c) price (d) revenue
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) owner owes the debts (d) one owner runs it
17. 17.A small business selling cups of lemonade had a revenue of ₹2070 and a profit of ₹100. What were its costs (in ₹)?
18. 18.True or false: “owned by shareholders” is true of a company. (a) True (b) False
19. 19.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
20. 20.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
21. 21.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
22. 22.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
23. 23.A small business sells 31 handmade cards at ₹5 each. Its costs are ₹90. What is its profit (in ₹)?
24. 24.A small business selling clay diyas had a revenue of ₹690 and a profit of ₹30. What were its costs (in ₹)?
25. 25.A small business selling cups of lemonade had a revenue of ₹2160 and a profit of ₹940. What were its costs (in ₹)?
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
27. 27.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
28. 28.A small business sells 36 jute bags at ₹30 each. What is its revenue (in ₹)?
29. 29.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
30. 30.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
31. 31.A small business sells 28 paper bookmarks at ₹35 each. Its costs are ₹230. What is its profit (in ₹)?
32. 32.A small business selling painted pebbles had a revenue of ₹55 and a profit of ₹15. What were its costs (in ₹)?
33. 33.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
34. 34.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
35. 35.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
36. 36.A small business sells 33 painted pebbles at ₹35 each. What is its revenue (in ₹)?
37. 37.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
38. 38.A small business selling glasses of chai had a revenue of ₹1960 and a profit of ₹800. What were its costs (in ₹)?
39. 39.A small business selling paper bookmarks had a revenue of ₹1180 and a profit of ₹150. What were its costs (in ₹)?
40. 40.A small business sells 19 bags of popcorn at ₹50 each. Its costs are ₹640. What is its profit (in ₹)?

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