Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 268 · 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 sole trader. (a) True (b) False
2. 2.True or false: “one owner runs it” is true of a company. (a) True (b) False
3. 3.A small business sells 36 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
4. 4.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owned by shareholders (d) owner keeps all profit
5. 5.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a random video (c) an adult or an expert (d) a classmate
6. 6.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) one owner runs it (d) run by directors
7. 7.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
8. 8.A small business sells 55 glasses of chai at ₹20 each. Its costs are ₹120. What is its profit (in ₹)?
9. 9.True or false: “owner owes the debts” is true of a company. (a) True (b) False
10. 10.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a school club (d) a bank
11. 11.A small business selling paper bookmarks had a revenue of ₹120 and a profit of ₹20. What were its costs (in ₹)?
12. 12.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
13. 13.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
14. 14.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
15. 15.A small business selling glasses of chai had a revenue of ₹2320 and a profit of ₹1750. What were its costs (in ₹)?
16. 16.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
17. 17.A small business sells 49 handmade cards at ₹20 each. What is its revenue (in ₹)?
18. 18.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
19. 19.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its shareholders (d) its customers
20. 20.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
21. 21.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) a separate legal body (d) owner owes the debts
22. 22.A small business sells 43 handmade cards at ₹30 each. What is its revenue (in ₹)?
23. 23.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
24. 24.A small business selling glasses of chai had a revenue of ₹1395 and a profit of ₹255. What were its costs (in ₹)?
25. 25.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
26. 26.A small business selling fruit cups had a revenue of ₹550 and a profit of ₹440. What were its costs (in ₹)?
27. 27.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
28. 28.A small business sells 53 painted pebbles at ₹40 each. Its costs are ₹420. What is its profit (in ₹)?
29. 29.A small business selling fruit cups had a revenue of ₹550 and a profit of ₹410. What were its costs (in ₹)?
30. 30.A small business selling glasses of chai had a revenue of ₹1800 and a profit of ₹560. What were its costs (in ₹)?
31. 31.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
32. 32.True or false: “a separate legal body” is true of a company. (a) True (b) False
33. 33.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
34. 34.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
35. 35.A small business sells 12 fruit cups at ₹40 each. What is its revenue (in ₹)?
36. 36.Which of these is true of a company? (a) owners’ risk is limited (b) simplest to start (c) owner owes the debts (d) one owner runs it
37. 37.A small business sells 24 handmade cards at ₹45 each. What is its revenue (in ₹)?
38. 38.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
39. 39.A small business sells 18 cups of lemonade at ₹25 each. What is its revenue (in ₹)?
40. 40.A small business sells 49 clay diyas at ₹50 each. What is its revenue (in ₹)?

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