Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 33 · 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: run by directors? (a) a company (b) a sole trader
2. 2.A small business selling cups of lemonade had a revenue of ₹1650 and a profit of ₹200. What were its costs (in ₹)?
3. 3.A small business sells 52 fruit cups at ₹25 each. What is its revenue (in ₹)?
4. 4.A small business sells 21 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
5. 5.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
6. 6.A small business sells 46 painted pebbles at ₹50 each. Its costs are ₹1140. What is its profit (in ₹)?
7. 7.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
8. 8.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
9. 9.📜 Who should explain tax or legal rules for a business? (a) a classmate (b) nobody (c) a random video (d) an adult or an expert
10. 10.👤 A sole trader is… (a) a big company (b) a bank (c) a one-owner business (d) a school club
11. 11.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
12. 12.A small business sells 39 clay diyas at ₹40 each. Its costs are ₹580. What is its profit (in ₹)?
13. 13.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) owners’ risk is limited (d) one owner runs it
14. 14.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
15. 15.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) owned by shareholders
16. 16.Which of these is true of a company? (a) owner keeps all profit (b) a separate legal body (c) owner owes the debts (d) simplest to start
17. 17.True or false: “a separate legal body” is true of a company. (a) False (b) True
18. 18.Which of these is true of a sole trader? (a) simplest to start (b) a separate legal body (c) owned by shareholders (d) run by directors
19. 19.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner owes the debts (d) owner keeps all profit
20. 20.A small business sells 56 fruit cups at ₹15 each. What is its revenue (in ₹)?
21. 21.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
22. 22.A small business selling handmade cards had a revenue of ₹285 and a profit of ₹225. What were its costs (in ₹)?
23. 23.📊 Revenue minus costs equals… (a) stock (b) price (c) revenue (d) profit
24. 24.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
25. 25.A small business sells 26 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
26. 26.A small business sells 60 potted plants at ₹25 each. What is its revenue (in ₹)?
27. 27.A small business sells 33 paper bookmarks at ₹40 each. What is its revenue (in ₹)?
28. 28.A small business sells 23 friendship bands at ₹5 each. Its costs are ₹60. What is its profit (in ₹)?
29. 29.A small business selling fruit cups had a revenue of ₹765 and a profit of ₹685. What were its costs (in ₹)?
30. 30.Which of these is true of a sole trader? (a) owned by shareholders (b) owners’ risk is limited (c) run by directors (d) owner owes the debts
31. 31.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) run by directors
32. 32.🎂 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
33. 33.🏢 A company is owned by… (a) the government always (b) its suppliers (c) its customers (d) its shareholders
34. 34.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
35. 35.Which of these is true of a company? (a) owners’ risk is limited (b) owner owes the debts (c) one owner runs it (d) owner keeps all profit
36. 36.A small business selling cups of lemonade had a revenue of ₹260 and a profit of ₹70. What were its costs (in ₹)?
37. 37.📊 Revenue or profit: all money from sales? (a) profit (b) revenue
38. 38.A small business selling cupcakes had a revenue of ₹480 and a profit of ₹450. What were its costs (in ₹)?
39. 39.A small business sells 33 fruit cups at ₹30 each. What is its revenue (in ₹)?
40. 40.True or false: “run by directors” is true of a sole trader. (a) False (b) True

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