Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 348 · 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: one owner runs it? (a) a company (b) a sole trader
2. 2.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
3. 3.📜 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
4. 4.A small business selling painted pebbles had a revenue of ₹210 and a profit of ₹140. What were its costs (in ₹)?
5. 5.Which of these is true of a sole trader? (a) simplest to start (b) run by directors (c) owned by shareholders (d) a separate legal body
6. 6.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only at night (d) only with adult help
7. 7.True or false: “owner keeps all profit” is true of a sole trader. (a) True (b) False
8. 8.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
9. 9.Which of these is true of a company? (a) owner keeps all profit (b) one owner runs it (c) simplest to start (d) owners’ risk is limited
10. 10.A small business sells 44 potted plants at ₹45 each. Its costs are ₹1420. What is its profit (in ₹)?
11. 11.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
12. 12.👤 A sole trader is… (a) a school club (b) a bank (c) a big company (d) a one-owner business
13. 13.A small business sells 15 potted plants at ₹50 each. Its costs are ₹150. What is its profit (in ₹)?
14. 14.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
15. 15.A small business sells 15 clay diyas at ₹35 each. What is its revenue (in ₹)?
16. 16.Which of these is true of a company? (a) owned by shareholders (b) owner keeps all profit (c) owner owes the debts (d) simplest to start
17. 17.A small business sells 17 cups of lemonade at ₹35 each. Its costs are ₹380. What is its profit (in ₹)?
18. 18.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
19. 19.A small business sells 18 glasses of chai at ₹10 each. What is its revenue (in ₹)?
20. 20.A small business sells 38 fruit cups at ₹25 each. Its costs are ₹100. What is its profit (in ₹)?
21. 21.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
22. 22.True or false: “run by directors” is true of a sole trader. (a) False (b) True
23. 23.A small business selling cupcakes had a revenue of ₹600 and a profit of ₹50. What were its costs (in ₹)?
24. 24.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) run by directors (d) owners’ risk is limited
25. 25.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
26. 26.🏢 Sole trader or company: owned by shareholders? (a) a company (b) a sole trader
27. 27.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
28. 28.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
29. 29.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
30. 30.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
31. 31.🏢 A company is owned by… (a) its suppliers (b) its customers (c) its shareholders (d) the government always
32. 32.A small business selling handmade cards had a revenue of ₹740 and a profit of ₹430. What were its costs (in ₹)?
33. 33.A small business sells 29 bags of popcorn at ₹30 each. What is its revenue (in ₹)?
34. 34.A small business sells 43 glasses of chai at ₹15 each. Its costs are ₹300. What is its profit (in ₹)?
35. 35.A small business selling cups of lemonade had a revenue of ₹1160 and a profit of ₹500. What were its costs (in ₹)?
36. 36.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
37. 37.A small business selling bags of popcorn had a revenue of ₹130 and a profit of ₹60. What were its costs (in ₹)?
38. 38.A small business sells 49 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
39. 39.A small business selling jute bags had a revenue of ₹120 and a profit of ₹60. What were its costs (in ₹)?
40. 40.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True

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