Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 336 · 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: simplest to start? (a) a company (b) a sole trader
2. 2.A small business selling friendship bands had a revenue of ₹285 and a profit of ₹275. What were its costs (in ₹)?
3. 3.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) owners’ risk is limited
4. 4.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
5. 5.True or false: “one owner runs it” is true of a company. (a) True (b) False
6. 6.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owner keeps all profit (d) run by directors
7. 7.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
8. 8.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
9. 9.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
10. 10.A small business sells 41 potted plants at ₹25 each. Its costs are ₹50. What is its profit (in ₹)?
11. 11.True or false: “one owner runs it” is true of a sole trader. (a) False (b) True
12. 12.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
13. 13.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
14. 14.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
15. 15.Which of these is true of a company? (a) owner owes the debts (b) owner keeps all profit (c) owned by shareholders (d) one owner runs it
16. 16.A small business selling clay diyas had a revenue of ₹950 and a profit of ₹370. What were its costs (in ₹)?
17. 17.A small business sells 15 paper bookmarks at ₹10 each. What is its revenue (in ₹)?
18. 18.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
19. 19.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
20. 20.True or false: “owned by shareholders” is true of a company. (a) True (b) False
21. 21.Which of these is true of a sole trader? (a) a separate legal body (b) owner owes the debts (c) owners’ risk is limited (d) owned by shareholders
22. 22.A small business sells 20 paper bookmarks at ₹15 each. Its costs are ₹180. What is its profit (in ₹)?
23. 23.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
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.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) a separate legal body (d) owner keeps all profit
26. 26.A small business sells 36 cupcakes at ₹25 each. What is its revenue (in ₹)?
27. 27.A small business selling bags of popcorn had a revenue of ₹160 and a profit of ₹90. What were its costs (in ₹)?
28. 28.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) never ever (c) only with adult help (d) only at night
29. 29.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business
30. 30.A small business sells 30 fruit cups at ₹5 each. What is its revenue (in ₹)?
31. 31.A small business sells 43 cupcakes at ₹20 each. Its costs are ₹310. What is its profit (in ₹)?
32. 32.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
33. 33.📊 Revenue minus costs equals… (a) stock (b) revenue (c) profit (d) price
34. 34.A small business selling glasses of chai had a revenue of ₹400 and a profit of ₹320. What were its costs (in ₹)?
35. 35.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
36. 36.True or false: “owners’ risk is limited” is true of a company. (a) True (b) False
37. 37.A small business selling cupcakes had a revenue of ₹240 and a profit of ₹110. What were its costs (in ₹)?
38. 38.A small business sells 28 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
39. 39.A small business sells 10 bags of popcorn at ₹5 each. What is its revenue (in ₹)?
40. 40.A small business sells 47 jute bags at ₹10 each. What is its revenue (in ₹)?

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