Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 351 · 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.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) only at night (c) only with adult help (d) yes, no one needed
2. 2.A small business selling jute bags had a revenue of ₹660 and a profit of ₹30. What were its costs (in ₹)?
3. 3.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
4. 4.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
5. 5.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) a separate legal body
6. 6.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) owned by shareholders (d) one owner runs it
7. 7.A small business selling painted pebbles had a revenue of ₹1995 and a profit of ₹1055. What were its costs (in ₹)?
8. 8.🏢 A company is owned by… (a) its customers (b) the government always (c) its shareholders (d) its suppliers
9. 9.A small business sells 24 glasses of chai at ₹5 each. What is its revenue (in ₹)?
10. 10.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) a separate legal body
11. 11.True or false: “one owner runs it” is true of a company. (a) True (b) False
12. 12.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) owners’ risk is limited (d) owner owes the debts
13. 13.A small business sells 25 potted plants at ₹50 each. Its costs are ₹640. What is its profit (in ₹)?
14. 14.True or false: “a separate legal body” is true of a sole trader. (a) True (b) False
15. 15.A small business sells 34 paper bookmarks at ₹10 each. Its costs are ₹120. What is its profit (in ₹)?
16. 16.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
17. 17.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
18. 18.True or false: “owners’ risk is limited” is true of a sole trader. (a) True (b) False
19. 19.A small business selling clay diyas had a revenue of ₹1200 and a profit of ₹910. What were its costs (in ₹)?
20. 20.A small business sells 43 painted pebbles at ₹5 each. Its costs are ₹110. What is its profit (in ₹)?
21. 21.Which of these is true of a company? (a) one owner runs it (b) owner keeps all profit (c) owner owes the debts (d) run by directors
22. 22.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
23. 23.A small business sells 24 paper bookmarks at ₹30 each. What is its revenue (in ₹)?
24. 24.A small business selling jute bags had a revenue of ₹510 and a profit of ₹470. What were its costs (in ₹)?
25. 25.True or false: “run by directors” is true of a company. (a) False (b) True
26. 26.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
27. 27.A small business sells 31 bags of popcorn at ₹50 each. What is its revenue (in ₹)?
28. 28.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
29. 29.A small business sells 33 potted plants at ₹15 each. What is its revenue (in ₹)?
30. 30.A small business selling paper bookmarks had a revenue of ₹1290 and a profit of ₹1020. What were its costs (in ₹)?
31. 31.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) a separate legal body
32. 32.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
33. 33.A small business selling glasses of chai had a revenue of ₹555 and a profit of ₹215. What were its costs (in ₹)?
34. 34.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
35. 35.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
36. 36.A small business sells 56 potted plants at ₹35 each. What is its revenue (in ₹)?
37. 37.A small business selling paper bookmarks had a revenue of ₹2340 and a profit of ₹1910. What were its costs (in ₹)?
38. 38.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner keeps all profit
39. 39.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
40. 40.A small business sells 46 painted pebbles at ₹10 each. What is its revenue (in ₹)?

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