Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 297 · 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) owners’ risk is limited (b) run by directors (c) owned by shareholders (d) owner owes the debts
2. 2.True or false: “one owner runs it” is true of a company. (a) False (b) True
3. 3.A small business sells 47 friendship bands at ₹15 each. What is its revenue (in ₹)?
4. 4.A small business sells 25 bags of popcorn at ₹25 each. Its costs are ₹310. What is its profit (in ₹)?
5. 5.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) never ever (c) only at night (d) yes, no one needed
6. 6.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a school club (d) a bank
7. 7.A small business sells 43 glasses of chai at ₹50 each. What is its revenue (in ₹)?
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.A small business sells 54 fruit cups at ₹35 each. Its costs are ₹1880. What is its profit (in ₹)?
10. 10.📊 Revenue minus costs equals… (a) stock (b) price (c) profit (d) revenue
11. 11.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
13. 13.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) owners’ risk is limited
14. 14.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
15. 15.A small business sells 11 jute bags at ₹25 each. Its costs are ₹130. What is its profit (in ₹)?
16. 16.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
17. 17.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
18. 18.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) one owner runs it
19. 19.True or false: “owner owes the debts” is true of a company. (a) True (b) False
20. 20.True or false: “run by directors” is true of a sole trader. (a) True (b) False
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) owners’ risk is limited (d) owned by shareholders
22. 22.A small business selling glasses of chai had a revenue of ₹75 and a profit of ₹25. What were its costs (in ₹)?
23. 23.True or false: “owned by shareholders” is true of a company. (a) True (b) False
24. 24.A small business selling glasses of chai had a revenue of ₹900 and a profit of ₹550. What were its costs (in ₹)?
25. 25.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owners’ risk is limited
26. 26.A small business sells 58 bags of popcorn at ₹35 each. What is its revenue (in ₹)?
27. 27.A small business sells 48 friendship bands at ₹10 each. What is its revenue (in ₹)?
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
29. 29.A small business selling bags of popcorn had a revenue of ₹120 and a profit of ₹60. What were its costs (in ₹)?
30. 30.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its shareholders (d) its customers
31. 31.A small business selling jute bags had a revenue of ₹540 and a profit of ₹280. What were its costs (in ₹)?
32. 32.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
33. 33.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
34. 34.A small business sells 20 painted pebbles at ₹50 each. Its costs are ₹740. What is its profit (in ₹)?
35. 35.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
36. 36.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) simplest to start
37. 37.A small business selling bags of popcorn had a revenue of ₹195 and a profit of ₹85. What were its costs (in ₹)?
38. 38.A small business sells 18 jute bags at ₹50 each. What is its revenue (in ₹)?
39. 39.A small business selling paper bookmarks had a revenue of ₹1350 and a profit of ₹910. What were its costs (in ₹)?
40. 40.A small business sells 32 fruit cups at ₹25 each. Its costs are ₹370. What is its profit (in ₹)?

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