Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 3 · 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 19 cupcakes at ₹20 each. What is its revenue (in ₹)?
2. 2.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
3. 3.Which of these is true of a sole trader? (a) a separate legal body (b) simplest to start (c) run by directors (d) owned by shareholders
4. 4.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
5. 5.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
7. 7.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
8. 8.A small business sells 39 handmade cards at ₹30 each. Its costs are ₹980. What is its profit (in ₹)?
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) run by directors (d) simplest to start
10. 10.True or false: “a separate legal body” is true of a company. (a) False (b) True
11. 11.Which of these is true of a sole trader? (a) owned by shareholders (b) one owner runs it (c) a separate legal body (d) owners’ risk is limited
12. 12.A small business selling glasses of chai had a revenue of ₹230 and a profit of ₹170. What were its costs (in ₹)?
13. 13.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
14. 14.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
15. 15.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
16. 16.A small business sells 28 paper bookmarks at ₹5 each. Its costs are ₹130. What is its profit (in ₹)?
17. 17.True or false: “run by directors” is true of a sole trader. (a) False (b) True
18. 18.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
19. 19.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
20. 20.True or false: “owned by shareholders” is true of a company. (a) True (b) False
21. 21.A small business selling paper bookmarks had a revenue of ₹540 and a profit of ₹50. What were its costs (in ₹)?
22. 22.📜 Who should explain tax or legal rules for a business? (a) nobody (b) a classmate (c) a random video (d) an adult or an expert
23. 23.A small business sells 23 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
24. 24.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
25. 25.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
26. 26.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
27. 27.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
28. 28.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
29. 29.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
30. 30.Which of these is true of a company? (a) owner keeps all profit (b) owner owes the debts (c) a separate legal body (d) one owner runs it
31. 31.A small business sells 46 paper bookmarks at ₹25 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a company? (a) owners’ risk is limited (b) one owner runs it (c) owner owes the debts (d) simplest to start
33. 33.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
34. 34.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
35. 35.A small business sells 11 clay diyas at ₹5 each. What is its revenue (in ₹)?
36. 36.A small business sells 53 clay diyas at ₹5 each. What is its revenue (in ₹)?
37. 37.A small business sells 20 fruit cups at ₹10 each. What is its revenue (in ₹)?
38. 38.Which of these is true of a sole trader? (a) run by directors (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
39. 39.A small business sells 13 fruit cups at ₹20 each. Its costs are ₹110. What is its profit (in ₹)?
40. 40.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company

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