Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 25 · 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 company is owned by… (a) its suppliers (b) its shareholders (c) its customers (d) the government always
2. 2.A small business sells 54 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
3. 3.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
4. 4.A small business selling friendship bands had a revenue of ₹2900 and a profit of ₹670. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
7. 7.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
8. 8.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
9. 9.A small business sells 36 handmade cards at ₹5 each. What is its revenue (in ₹)?
10. 10.True or false: “run by directors” is true of a sole trader. (a) True (b) False
11. 11.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
13. 13.A small business selling paper bookmarks had a revenue of ₹780 and a profit of ₹370. What were its costs (in ₹)?
14. 14.True or false: “owned by shareholders” is true of a company. (a) True (b) False
15. 15.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
16. 16.A small business selling clay diyas had a revenue of ₹1620 and a profit of ₹1260. What were its costs (in ₹)?
17. 17.A small business selling jute bags had a revenue of ₹975 and a profit of ₹35. What were its costs (in ₹)?
18. 18.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
19. 19.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) simplest to start (d) owner owes the debts
20. 20.👤 A sole trader is… (a) a one-owner business (b) a bank (c) a big company (d) a school club
21. 21.A small business selling painted pebbles had a revenue of ₹1530 and a profit of ₹980. What were its costs (in ₹)?
22. 22.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner keeps all profit (d) a separate legal body
23. 23.A small business sells 18 potted plants at ₹50 each. Its costs are ₹280. What is its profit (in ₹)?
24. 24.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
25. 25.A small business selling paper bookmarks had a revenue of ₹225 and a profit of ₹125. What were its costs (in ₹)?
26. 26.A small business sells 42 jute bags at ₹25 each. What is its revenue (in ₹)?
27. 27.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
28. 28.A small business selling jute bags had a revenue of ₹630 and a profit of ₹10. What were its costs (in ₹)?
29. 29.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) only with adult help (d) never ever
30. 30.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
31. 31.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
32. 32.A small business sells 35 cups of lemonade at ₹10 each. Its costs are ₹290. What is its profit (in ₹)?
33. 33.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
34. 34.A small business sells 31 clay diyas at ₹25 each. Its costs are ₹640. What is its profit (in ₹)?
35. 35.A small business selling potted plants had a revenue of ₹345 and a profit of ₹45. What were its costs (in ₹)?
36. 36.A small business selling cupcakes had a revenue of ₹900 and a profit of ₹570. What were its costs (in ₹)?
37. 37.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
38. 38.A small business sells 16 fruit cups at ₹15 each. Its costs are ₹160. What is its profit (in ₹)?
39. 39.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
40. 40.A small business sells 26 potted plants at ₹15 each. What is its revenue (in ₹)?

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