Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 271 · 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.A small business sells 28 potted plants at ₹25 each. Its costs are ₹420. What is its profit (in ₹)?
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
3. 3.True or false: “a separate legal body” is true of a company. (a) True (b) False
4. 4.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only at night (d) only with adult help
5. 5.A small business sells 48 painted pebbles at ₹15 each. Its costs are ₹680. What is its profit (in ₹)?
6. 6.True or false: “simplest to start” is true of a company. (a) True (b) False
7. 7.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
8. 8.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
9. 9.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
10. 10.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
11. 11.A small business sells 38 fruit cups at ₹20 each. What is its revenue (in ₹)?
12. 12.📊 Revenue minus costs equals… (a) profit (b) stock (c) revenue (d) price
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
14. 14.Which of these is true of a company? (a) owners’ risk is limited (b) owner keeps all profit (c) one owner runs it (d) simplest to start
15. 15.A small business sells 19 glasses of chai at ₹40 each. Its costs are ₹170. What is its profit (in ₹)?
16. 16.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
17. 17.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
18. 18.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) owned by shareholders (d) run by directors
19. 19.Which of these is true of a sole trader? (a) run by directors (b) simplest to start (c) a separate legal body (d) owners’ risk is limited
20. 20.A small business sells 56 potted plants at ₹15 each. Its costs are ₹280. What is its profit (in ₹)?
21. 21.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) run by directors
22. 22.A small business selling friendship bands had a revenue of ₹120 and a profit of ₹70. What were its costs (in ₹)?
23. 23.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
24. 24.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
25. 25.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
26. 26.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
27. 27.A small business selling handmade cards had a revenue of ₹1015 and a profit of ₹975. What were its costs (in ₹)?
28. 28.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
29. 29.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
30. 30.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
31. 31.A small business sells 27 paper bookmarks at ₹35 each. Its costs are ₹500. What is its profit (in ₹)?
32. 32.A small business selling handmade cards had a revenue of ₹560 and a profit of ₹430. What were its costs (in ₹)?
33. 33.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a bank (d) a big company
34. 34.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
35. 35.Which of these is true of a sole trader? (a) run by directors (b) owner owes the debts (c) owned by shareholders (d) a separate legal body
36. 36.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
37. 37.A small business sells 18 painted pebbles at ₹25 each. What is its revenue (in ₹)?
38. 38.A small business sells 59 glasses of chai at ₹5 each. Its costs are ₹50. What is its profit (in ₹)?
39. 39.A small business sells 54 friendship bands at ₹10 each. What is its revenue (in ₹)?
40. 40.True or false: “run by directors” is true of a company. (a) True (b) False

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