Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 357 · 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: owned by shareholders? (a) a company (b) a sole trader
2. 2.True or false: “one owner runs it” is true of a company. (a) True (b) False
3. 3.A small business selling cups of lemonade had a revenue of ₹120 and a profit of ₹100. What were its costs (in ₹)?
4. 4.A small business selling paper bookmarks had a revenue of ₹225 and a profit of ₹155. What were its costs (in ₹)?
5. 5.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
6. 6.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) only at night (d) never ever
7. 7.True or false: “simplest to start” is true of a sole trader. (a) True (b) False
8. 8.A small business sells 60 paper bookmarks at ₹10 each. Its costs are ₹550. What is its profit (in ₹)?
9. 9.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
10. 10.A small business sells 19 cupcakes at ₹40 each. What is its revenue (in ₹)?
11. 11.📊 Revenue or profit: goes up if costs fall? (a) profit (b) revenue
12. 12.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
13. 13.True or false: “owned by shareholders” is true of a company. (a) False (b) True
14. 14.A small business sells 52 potted plants at ₹40 each. Its costs are ₹1280. What is its profit (in ₹)?
15. 15.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
16. 16.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
17. 17.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
18. 18.A small business sells 57 cups of lemonade at ₹45 each. Its costs are ₹2270. What is its profit (in ₹)?
19. 19.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
20. 20.True or false: “a separate legal body” is true of a sole trader. (a) False (b) True
21. 21.🏢 A company is owned by… (a) its shareholders (b) its suppliers (c) the government always (d) its customers
22. 22.Which of these is true of a sole trader? (a) a separate legal body (b) one owner runs it (c) run by directors (d) owners’ risk is limited
23. 23.Which of these is true of a sole trader? (a) owners’ risk is limited (b) simplest to start (c) run by directors (d) owned by shareholders
24. 24.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
25. 25.A small business sells 14 fruit cups at ₹40 each. Its costs are ₹160. What is its profit (in ₹)?
26. 26.A small business selling glasses of chai had a revenue of ₹1365 and a profit of ₹165. What were its costs (in ₹)?
27. 27.True or false: “owner owes the debts” is true of a sole trader. (a) True (b) False
28. 28.A small business sells 15 friendship bands at ₹25 each. What is its revenue (in ₹)?
29. 29.A small business sells 19 cups of lemonade at ₹5 each. Its costs are ₹70. What is its profit (in ₹)?
30. 30.True or false: “owners’ risk is limited” is true of a sole trader. (a) False (b) True
31. 31.A small business sells 32 handmade cards at ₹35 each. Its costs are ₹210. What is its profit (in ₹)?
32. 32.📊 Revenue minus costs equals… (a) revenue (b) profit (c) stock (d) price
33. 33.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owner keeps all profit (d) run by directors
34. 34.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) owner keeps all profit (d) run by directors
35. 35.A small business sells 14 clay diyas at ₹45 each. What is its revenue (in ₹)?
36. 36.True or false: “run by directors” is true of a sole trader. (a) False (b) True
37. 37.True or false: “run by directors” is true of a company. (a) False (b) True
38. 38.Which of these is true of a company? (a) owner owes the debts (b) simplest to start (c) a separate legal body (d) owner keeps all profit
39. 39.A small business sells 23 clay diyas at ₹5 each. Its costs are ₹20. What is its profit (in ₹)?
40. 40.A small business sells 45 glasses of chai at ₹50 each. What is its revenue (in ₹)?

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