Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 264 · 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: “owner keeps all profit” is true of a company. (a) True (b) False
2. 2.True or false: “owner owes the debts” is true of a company. (a) False (b) True
3. 3.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
4. 4.A small business sells 27 clay diyas at ₹40 each. Its costs are ₹860. What is its profit (in ₹)?
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
7. 7.A small business selling friendship bands had a revenue of ₹1920 and a profit of ₹490. What were its costs (in ₹)?
8. 8.A small business sells 58 cups of lemonade at ₹35 each. What is its revenue (in ₹)?
9. 9.📜 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
10. 10.A small business sells 47 cups of lemonade at ₹20 each. Its costs are ₹530. What is its profit (in ₹)?
11. 11.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
12. 12.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owned by shareholders (d) simplest to start
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) one owner runs it
14. 14.Which of these is true of a company? (a) simplest to start (b) run by directors (c) owner keeps all profit (d) owner owes the debts
15. 15.Which of these is true of a sole trader? (a) owner owes the debts (b) owned by shareholders (c) run by directors (d) a separate legal body
16. 16.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
18. 18.A small business sells 16 glasses of chai at ₹45 each. What is its revenue (in ₹)?
19. 19.True or false: “simplest to start” is true of a company. (a) False (b) True
20. 20.A small business sells 59 cups of lemonade at ₹10 each. What is its revenue (in ₹)?
21. 21.A small business sells 32 potted plants at ₹15 each. Its costs are ₹240. What is its profit (in ₹)?
22. 22.A small business sells 53 friendship bands at ₹50 each. Its costs are ₹1680. What is its profit (in ₹)?
23. 23.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) a separate legal body (d) owners’ risk is limited
24. 24.📊 Revenue minus costs equals… (a) revenue (b) stock (c) profit (d) price
25. 25.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
26. 26.A small business sells 16 clay diyas at ₹40 each. What is its revenue (in ₹)?
27. 27.True or false: “run by directors” is true of a sole trader. (a) False (b) True
28. 28.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) yes, no one needed (c) never ever (d) only with adult help
29. 29.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its customers (d) its suppliers
30. 30.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
31. 31.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) run by directors (d) simplest to start
32. 32.A small business selling cups of lemonade had a revenue of ₹560 and a profit of ₹370. What were its costs (in ₹)?
33. 33.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
34. 34.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
35. 35.A small business sells 32 painted pebbles at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
36. 36.A small business sells 13 glasses of chai at ₹30 each. Its costs are ₹40. What is its profit (in ₹)?
37. 37.True or false: “owned by shareholders” is true of a company. (a) True (b) False
38. 38.A small business selling jute bags had a revenue of ₹190 and a profit of ₹130. What were its costs (in ₹)?
39. 39.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owners’ risk is limited (d) owner keeps all profit
40. 40.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue

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