Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 309 · 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 48 handmade cards at ₹35 each. Its costs are ₹1450. What is its profit (in ₹)?
2. 2.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) one owner runs it
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
4. 4.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) simplest to start (d) owner owes the debts
5. 5.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) nobody (d) an adult or an expert
6. 6.A small business sells 14 friendship bands at ₹15 each. What is its revenue (in ₹)?
7. 7.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
8. 8.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
9. 9.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
10. 10.Which of these is true of a sole trader? (a) owned by shareholders (b) owner keeps all profit (c) a separate legal body (d) owners’ risk is limited
11. 11.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
12. 12.A small business selling glasses of chai had a revenue of ₹490 and a profit of ₹30. What were its costs (in ₹)?
13. 13.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
14. 14.A small business sells 36 cupcakes at ₹25 each. What is its revenue (in ₹)?
15. 15.True or false: “owned by shareholders” is true of a company. (a) True (b) False
16. 16.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
17. 17.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owned by shareholders (d) owner owes the debts
18. 18.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
19. 19.A small business sells 19 potted plants at ₹30 each. Its costs are ₹170. What is its profit (in ₹)?
20. 20.A small business sells 41 cups of lemonade at ₹50 each. What is its revenue (in ₹)?
21. 21.A small business sells 51 clay diyas at ₹20 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
23. 23.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
24. 24.True or false: “run by directors” is true of a sole trader. (a) False (b) True
25. 25.A small business sells 59 painted pebbles at ₹50 each. What is its revenue (in ₹)?
26. 26.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
27. 27.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) a separate legal body (d) owner owes the debts
28. 28.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
29. 29.A small business selling potted plants had a revenue of ₹500 and a profit of ₹180. What were its costs (in ₹)?
30. 30.🎂 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
31. 31.Which of these is true of a company? (a) owner owes the debts (b) owned by shareholders (c) simplest to start (d) one owner runs it
32. 32.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
33. 33.A small business sells 58 jute bags at ₹50 each. Its costs are ₹1430. What is its profit (in ₹)?
34. 34.True or false: “simplest to start” is true of a company. (a) False (b) True
35. 35.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
36. 36.A small business sells 43 cupcakes at ₹50 each. Its costs are ₹910. What is its profit (in ₹)?
37. 37.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
38. 38.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
39. 39.A small business selling potted plants had a revenue of ₹130 and a profit of ₹110. What were its costs (in ₹)?
40. 40.True or false: “owner keeps all profit” is true of a company. (a) False (b) True

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