Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 360 · 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 handmade cards had a revenue of ₹300 and a profit of ₹240. What were its costs (in ₹)?
3. 3.Which of these is true of a sole trader? (a) run by directors (b) owners’ risk is limited (c) one owner runs it (d) owned by shareholders
4. 4.A small business sells 58 jute bags at ₹5 each. What is its revenue (in ₹)?
5. 5.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
6. 6.Which of these is true of a company? (a) owner keeps all profit (b) owners’ risk is limited (c) simplest to start (d) one owner runs it
7. 7.A small business selling handmade cards had a revenue of ₹185 and a profit of ₹45. What were its costs (in ₹)?
8. 8.A small business sells 32 painted pebbles at ₹20 each. What is its revenue (in ₹)?
9. 9.Which of these is true of a sole trader? (a) owner owes the debts (b) owners’ risk is limited (c) run by directors (d) a separate legal body
10. 10.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
11. 11.📜 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
12. 12.A small business sells 10 fruit cups at ₹50 each. What is its revenue (in ₹)?
13. 13.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
14. 14.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
15. 15.A small business selling painted pebbles had a revenue of ₹600 and a profit of ₹240. What were its costs (in ₹)?
16. 16.Which of these is true of a sole trader? (a) run by directors (b) a separate legal body (c) owner keeps all profit (d) owned by shareholders
17. 17.Which of these is true of a company? (a) run by directors (b) simplest to start (c) owner owes the debts (d) owner keeps all profit
18. 18.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
19. 19.A small business sells 14 cupcakes at ₹20 each. Its costs are ₹10. What is its profit (in ₹)?
20. 20.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
21. 21.A small business sells 32 painted pebbles at ₹50 each. Its costs are ₹360. What is its profit (in ₹)?
22. 22.A small business sells 16 paper bookmarks at ₹25 each. Its costs are ₹290. What is its profit (in ₹)?
23. 23.🏢 A company is owned by… (a) its suppliers (b) the government always (c) its customers (d) its shareholders
24. 24.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
25. 25.A small business selling bags of popcorn had a revenue of ₹600 and a profit of ₹420. What were its costs (in ₹)?
26. 26.A small business sells 39 paper bookmarks at ₹35 each. What is its revenue (in ₹)?
27. 27.A small business sells 11 handmade cards at ₹50 each. Its costs are ₹130. What is its profit (in ₹)?
28. 28.A small business sells 47 fruit cups at ₹50 each. Its costs are ₹960. What is its profit (in ₹)?
29. 29.📊 Revenue or profit: all money from sales? (a) revenue (b) profit
30. 30.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
31. 31.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
32. 32.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) a separate legal body
33. 33.A small business sells 52 bags of popcorn at ₹25 each. What is its revenue (in ₹)?
34. 34.Which of these is true of a sole trader? (a) a separate legal body (b) owned by shareholders (c) simplest to start (d) run by directors
35. 35.A small business sells 37 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
36. 36.True or false: “run by directors” is true of a company. (a) False (b) True
37. 37.True or false: “owner keeps all profit” is true of a company. (a) False (b) True
38. 38.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
39. 39.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) never ever (d) only at night
40. 40.👤 A sole trader is… (a) a bank (b) a big company (c) a school club (d) a one-owner business

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