Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 250 · 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.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) simplest to start (d) owner keeps all profit
2. 2.A small business sells 45 jute bags at ₹5 each. Its costs are ₹190. What is its profit (in ₹)?
3. 3.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
4. 4.A small business sells 41 cupcakes at ₹10 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
7. 7.A small business selling fruit cups had a revenue of ₹180 and a profit of ₹130. What were its costs (in ₹)?
8. 8.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
9. 9.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
10. 10.A small business selling potted plants had a revenue of ₹360 and a profit of ₹340. What were its costs (in ₹)?
11. 11.Which of these is true of a company? (a) run by directors (b) owner owes the debts (c) owner keeps all profit (d) simplest to start
12. 12.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
14. 14.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) simplest to start
15. 15.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
16. 16.True or false: “owner owes the debts” is true of a company. (a) True (b) False
17. 17.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
18. 18.📊 Revenue minus costs equals… (a) profit (b) price (c) revenue (d) stock
19. 19.A small business sells 44 clay diyas at ₹20 each. Its costs are ₹270. What is its profit (in ₹)?
20. 20.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
21. 21.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
22. 22.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
23. 23.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
24. 24.A small business sells 10 potted plants at ₹20 each. Its costs are ₹20. What is its profit (in ₹)?
25. 25.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
26. 26.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
27. 27.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) its customers (d) the government always
28. 28.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) owners’ risk is limited (d) a separate legal body
29. 29.A small business selling friendship bands had a revenue of ₹680 and a profit of ₹580. What were its costs (in ₹)?
30. 30.A small business sells 29 clay diyas at ₹15 each. What is its revenue (in ₹)?
31. 31.A small business sells 56 handmade cards at ₹5 each. What is its revenue (in ₹)?
32. 32.A small business sells 41 paper bookmarks at ₹45 each. Its costs are ₹1120. What is its profit (in ₹)?
33. 33.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
34. 34.A small business selling handmade cards had a revenue of ₹290 and a profit of ₹70. What were its costs (in ₹)?
35. 35.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
36. 36.True or false: “simplest to start” is true of a company. (a) True (b) False
37. 37.A small business sells 39 painted pebbles at ₹30 each. What is its revenue (in ₹)?
38. 38.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
39. 39.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
40. 40.A small business selling glasses of chai had a revenue of ₹130 and a profit of ₹10. What were its costs (in ₹)?

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