Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 323 · 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.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
2. 2.A small business selling painted pebbles had a revenue of ₹660 and a profit of ₹210. What were its costs (in ₹)?
3. 3.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
4. 4.A small business sells 33 cups of lemonade at ₹35 each. Its costs are ₹100. What is its profit (in ₹)?
5. 5.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
7. 7.True or false: “one owner runs it” is true of a company. (a) True (b) False
8. 8.A small business selling fruit cups had a revenue of ₹735 and a profit of ₹235. What were its costs (in ₹)?
9. 9.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
10. 10.A small business sells 44 fruit cups at ₹35 each. Its costs are ₹190. What is its profit (in ₹)?
11. 11.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
12. 12.True or false: “a separate legal body” is true of a company. (a) True (b) False
13. 13.Which of these is true of a company? (a) a separate legal body (b) one owner runs it (c) owner owes the debts (d) simplest to start
14. 14.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
16. 16.A small business selling cupcakes had a revenue of ₹380 and a profit of ₹310. What were its costs (in ₹)?
17. 17.A small business sells 14 handmade cards at ₹50 each. What is its revenue (in ₹)?
18. 18.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
19. 19.A small business sells 46 friendship bands at ₹50 each. What is its revenue (in ₹)?
20. 20.A small business sells 49 glasses of chai at ₹5 each. What is its revenue (in ₹)?
21. 21.A small business sells 39 friendship bands at ₹30 each. Its costs are ₹510. What is its profit (in ₹)?
22. 22.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
23. 23.A small business selling handmade cards had a revenue of ₹140 and a profit of ₹90. What were its costs (in ₹)?
24. 24.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) a classmate (d) an adult or an expert
25. 25.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
26. 26.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
27. 27.🏢 A company is owned by… (a) its suppliers (b) its customers (c) the government always (d) its shareholders
28. 28.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
29. 29.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
30. 30.A small business selling clay diyas had a revenue of ₹960 and a profit of ₹670. What were its costs (in ₹)?
31. 31.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
32. 32.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
33. 33.A small business selling cups of lemonade had a revenue of ₹180 and a profit of ₹20. What were its costs (in ₹)?
34. 34.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
35. 35.Which of these is true of a sole trader? (a) one owner runs it (b) run by directors (c) a separate legal body (d) owners’ risk is limited
36. 36.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only with adult help (c) yes, no one needed (d) only at night
37. 37.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) run by directors
38. 38.True or false: “run by directors” is true of a sole trader. (a) True (b) False
39. 39.A small business selling cups of lemonade had a revenue of ₹2650 and a profit of ₹1410. What were its costs (in ₹)?
40. 40.Which of these is true of a company? (a) owned by shareholders (b) simplest to start (c) one owner runs it (d) owner owes the debts

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