Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 329 · 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) run by directors (b) owned by shareholders (c) owner owes the debts (d) owners’ risk is limited
2. 2.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
3. 3.A small business selling clay diyas had a revenue of ₹600 and a profit of ₹390. What were its costs (in ₹)?
4. 4.True or false: “owned by shareholders” is true of a company. (a) False (b) True
5. 5.A small business sells 14 handmade cards at ₹45 each. Its costs are ₹510. What is its profit (in ₹)?
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
7. 7.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) yes, no one needed (d) only with adult help
8. 8.A small business sells 21 cupcakes at ₹10 each. Its costs are ₹70. What is its profit (in ₹)?
9. 9.📜 Who should explain tax or legal rules for a business? (a) a random video (b) nobody (c) an adult or an expert (d) a classmate
10. 10.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
11. 11.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner owes the debts (d) simplest to start
12. 12.Which of these is true of a company? (a) owner keeps all profit (b) simplest to start (c) one owner runs it (d) a separate legal body
13. 13.True or false: “a separate legal body” is true of a company. (a) False (b) True
14. 14.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
15. 15.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
16. 16.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
17. 17.A small business sells 59 clay diyas at ₹40 each. What is its revenue (in ₹)?
18. 18.A small business sells 50 handmade cards at ₹10 each. What is its revenue (in ₹)?
19. 19.A small business sells 46 clay diyas at ₹5 each. Its costs are ₹180. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
21. 21.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
22. 22.A small business sells 16 bags of popcorn at ₹50 each. Its costs are ₹50. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
24. 24.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) run by directors
25. 25.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) owner keeps all profit
26. 26.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
27. 27.A small business sells 17 cupcakes at ₹30 each. Its costs are ₹450. What is its profit (in ₹)?
28. 28.A small business sells 37 painted pebbles at ₹35 each. What is its revenue (in ₹)?
29. 29.A small business selling fruit cups had a revenue of ₹350 and a profit of ₹190. What were its costs (in ₹)?
30. 30.True or false: “one owner runs it” is true of a company. (a) True (b) False
31. 31.A small business sells 17 fruit cups at ₹5 each. What is its revenue (in ₹)?
32. 32.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) run by directors (d) simplest to start
33. 33.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
34. 34.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
35. 35.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
36. 36.A small business selling bags of popcorn had a revenue of ₹450 and a profit of ₹20. What were its costs (in ₹)?
37. 37.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
38. 38.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
39. 39.A small business sells 11 jute bags at ₹40 each. What is its revenue (in ₹)?
40. 40.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True

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