Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 312 · 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.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
2. 2.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
3. 3.A small business selling potted plants had a revenue of ₹1190 and a profit of ₹220. What were its costs (in ₹)?
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 52 jute bags at ₹15 each. Its costs are ₹350. What is its profit (in ₹)?
6. 6.A small business sells 43 clay diyas at ₹50 each. Its costs are ₹1270. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
8. 8.A small business sells 58 cups of lemonade at ₹5 each. Its costs are ₹100. What is its profit (in ₹)?
9. 9.A small business sells 32 glasses of chai at ₹10 each. Its costs are ₹180. What is its profit (in ₹)?
10. 10.A small business selling cups of lemonade had a revenue of ₹330 and a profit of ₹260. What were its costs (in ₹)?
11. 11.👤 A sole trader is… (a) a big company (b) a one-owner business (c) a bank (d) a school club
12. 12.True or false: “owner owes the debts” is true of a company. (a) False (b) True
13. 13.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
14. 14.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) a separate legal body (d) owners’ risk is limited
15. 15.A small business sells 12 potted plants at ₹30 each. What is its revenue (in ₹)?
16. 16.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
17. 17.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
18. 18.A small business sells 28 bags of popcorn at ₹15 each. Its costs are ₹390. What is its profit (in ₹)?
19. 19.True or false: “owned by shareholders” is true of a sole trader. (a) True (b) False
20. 20.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
21. 21.A small business selling painted pebbles had a revenue of ₹280 and a profit of ₹210. What were its costs (in ₹)?
22. 22.Which of these is true of a company? (a) simplest to start (b) a separate legal body (c) one owner runs it (d) owner owes the debts
23. 23.A small business selling painted pebbles had a revenue of ₹1485 and a profit of ₹1335. What were its costs (in ₹)?
24. 24.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) run by directors (d) owner keeps all profit
25. 25.A small business sells 17 glasses of chai at ₹5 each. What is its revenue (in ₹)?
26. 26.A small business sells 52 handmade cards at ₹10 each. Its costs are ₹350. What is its profit (in ₹)?
27. 27.A small business sells 26 glasses of chai at ₹5 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
29. 29.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) one owner runs it (d) owners’ risk is limited
30. 30.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
31. 31.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) owner owes the debts (d) owned by shareholders
32. 32.A small business sells 20 jute bags at ₹25 each. Its costs are ₹50. What is its profit (in ₹)?
33. 33.A small business sells 16 clay diyas at ₹10 each. What is its revenue (in ₹)?
34. 34.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
35. 35.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
36. 36.A small business sells 36 bags of popcorn at ₹40 each. Its costs are ₹830. What is its profit (in ₹)?
37. 37.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) an adult or an expert (d) a random video
38. 38.True or false: “one owner runs it” is true of a company. (a) True (b) False
39. 39.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
40. 40.A small business selling paper bookmarks had a revenue of ₹900 and a profit of ₹220. What were its costs (in ₹)?

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