Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 258 · 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 sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner keeps all profit
2. 2.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
3. 3.A small business sells 50 clay diyas at ₹15 each. Its costs are ₹80. What is its profit (in ₹)?
4. 4.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
5. 5.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
6. 6.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
7. 7.A small business sells 29 jute bags at ₹10 each. What is its revenue (in ₹)?
8. 8.A small business sells 51 cupcakes at ₹35 each. What is its revenue (in ₹)?
9. 9.A small business selling jute bags had a revenue of ₹170 and a profit of ₹150. What were its costs (in ₹)?
10. 10.Which of these is true of a company? (a) owner owes the debts (b) a separate legal body (c) one owner runs it (d) owner keeps all profit
11. 11.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
12. 12.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) an adult or an expert (c) a random video (d) nobody
13. 13.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
14. 14.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) one owner runs it
15. 15.A small business selling jute bags had a revenue of ₹440 and a profit of ₹320. What were its costs (in ₹)?
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
17. 17.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
18. 18.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 10 potted plants at ₹20 each. What is its revenue (in ₹)?
20. 20.True or false: “owner owes the debts” is true of a company. (a) False (b) True
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) owners’ risk is limited (c) owned by shareholders (d) simplest to start
22. 22.A small business sells 55 clay diyas at ₹15 each. What is its revenue (in ₹)?
23. 23.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
25. 25.👤 A sole trader is… (a) a big company (b) a bank (c) a school club (d) a one-owner business
26. 26.A small business sells 18 glasses of chai at ₹10 each. What is its revenue (in ₹)?
27. 27.A small business selling potted plants had a revenue of ₹495 and a profit of ₹225. What were its costs (in ₹)?
28. 28.A small business selling clay diyas had a revenue of ₹185 and a profit of ₹115. What were its costs (in ₹)?
29. 29.A small business sells 38 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
30. 30.A small business sells 47 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
31. 31.A small business selling handmade cards had a revenue of ₹440 and a profit of ₹300. What were its costs (in ₹)?
32. 32.A small business selling cups of lemonade had a revenue of ₹2150 and a profit of ₹780. What were its costs (in ₹)?
33. 33.A small business sells 42 handmade cards at ₹10 each. What is its revenue (in ₹)?
34. 34.📊 Revenue minus costs equals… (a) profit (b) revenue (c) stock (d) price
35. 35.A small business selling clay diyas had a revenue of ₹1710 and a profit of ₹1690. What were its costs (in ₹)?
36. 36.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
37. 37.A small business selling handmade cards had a revenue of ₹945 and a profit of ₹915. What were its costs (in ₹)?
38. 38.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owned by shareholders (d) owner keeps all profit
39. 39.A small business sells 23 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
40. 40.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owners’ risk is limited (d) one owner runs it

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