Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 27 · 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.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only at night (c) never ever (d) only with adult help
2. 2.A small business sells 59 potted plants at ₹5 each. Its costs are ₹30. What is its profit (in ₹)?
3. 3.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
4. 4.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
5. 5.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
6. 6.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
7. 7.📊 Revenue minus costs equals… (a) stock (b) profit (c) price (d) revenue
8. 8.A small business sells 56 bags of popcorn at ₹45 each. Its costs are ₹610. What is its profit (in ₹)?
9. 9.A small business sells 51 bags of popcorn at ₹5 each. Its costs are ₹240. What is its profit (in ₹)?
10. 10.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
11. 11.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
12. 12.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
13. 13.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owner owes the debts (d) a separate legal body
14. 14.A small business sells 29 paper bookmarks at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
15. 15.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
16. 16.True or false: “simplest to start” is true of a company. (a) True (b) False
17. 17.A small business sells 47 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
18. 18.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) owners’ risk is limited (d) owner owes the debts
19. 19.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
20. 20.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
21. 21.A small business selling cupcakes had a revenue of ₹135 and a profit of ₹25. What were its costs (in ₹)?
22. 22.A small business sells 37 cups of lemonade at ₹20 each. What is its revenue (in ₹)?
23. 23.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
24. 24.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
25. 25.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
26. 26.Which of these is true of a sole trader? (a) owned by shareholders (b) run by directors (c) owner owes the debts (d) owners’ risk is limited
27. 27.A small business selling glasses of chai had a revenue of ₹480 and a profit of ₹50. What were its costs (in ₹)?
28. 28.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
29. 29.Which of these is true of a company? (a) owner keeps all profit (b) run by directors (c) one owner runs it (d) simplest to start
30. 30.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
31. 31.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owners’ risk is limited
32. 32.A small business sells 19 handmade cards at ₹35 each. What is its revenue (in ₹)?
33. 33.Which of these is true of a company? (a) owner keeps all profit (b) owned by shareholders (c) simplest to start (d) one owner runs it
34. 34.A small business selling bags of popcorn had a revenue of ₹840 and a profit of ₹650. What were its costs (in ₹)?
35. 35.A small business selling paper bookmarks had a revenue of ₹1190 and a profit of ₹80. What were its costs (in ₹)?
36. 36.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) one owner runs it (d) a separate legal body
37. 37.True or false: “run by directors” is true of a sole trader. (a) True (b) False
38. 38.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
39. 39.True or false: “owner owes the debts” is true of a company. (a) False (b) True
40. 40.A small business sells 23 glasses of chai at ₹40 each. Its costs are ₹10. What is its profit (in ₹)?

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